08 Nov Auction buyer bonanza this weekend
The weighted average clearance rate fell last week, with 68 per cent of homes successful at auction. There were 1,555 auctions held across the combined capital cities, having decreased from the 2,622 auctions held over the week prior when a higher 72.2 per cent cleared.
In Melbourne, a very subdued 255 auctions took place last week as the Spring Racing Carnival took over the city. The lower volumes saw the final clearance rate fall with 69 per cent of Melbourne homes successful at auction.
Across Sydney, the final auction clearance rate came in at 74.6 per cent across a higher volume of auctions week-on-week. Canberra returned the highest clearance rate of 71.8 per cent across 89 auctions, followed by Adelaide (54.5 per cent) and Brisbane (51.7 per cent), while Perth returned a success rate of only 35.5 per cent last week.
This week and weekend
The number of homes scheduled for auction this week is expected to rise, with 2,257 auctions currently being tracked by CoreLogic, increasing from the 1,555 auctions held last week, although lower than results from one year ago (2,386).
Across Melbourne, auction activity is set to rise considerably after the slowdown seen preceding the Melbourne Cup festivities, with the city set to host 966 auctions this week, up from the 255 auctions held last week.
In Sydney, 887 homes are scheduled to go to auction this week, increasing from the 843 auctions held last week. Across the smaller auction markets, the number of homes scheduled for auction this week is lower across Adelaide and Brisbane, higher in Canberra and Perth, while Tasmania will host only 6 auctions.
Watch for Kevin Brogan’s thoughts about the weekend ahead and the numbers around the country and then join him on Monday as he gives the most comprehensive national roundup of the full week’s activity and a look inside the top sales in 6 capital cities.