29 Nov Busiest week this year – Kevin Turner
- Sydney and Melbourne with record numbers
- Lower clearance from Melbourne last week
- Smaller caps are slowing
Last week, 2,612 capital city homes were taken to auction, increasing on the 2,590 auctions held the previous week. The higher volumes saw the final auction clearance rate dip below 70%, returning a 68.5% success rate. One year ago, 2,701 auctions took place over the same week when a much lower 41.9% cleared.
This week and weekend
The combined capital cities are set to see the busiest week for auctions this year, with 2,774 homes scheduled to go under the hammer, higher than last week’s 2,612 auctions held and the 2,749 recorded last year.
While the weighted average clearance rate has improved over the second half of the year, coming in above 70% most weeks since mid-August, volumes have remained somewhat lower relative to previous years. However, the last few weeks have seen volumes start to trend higher with this week a true test of market strength during what is usually one of the busiest periods for auctions.
There are 1,397 Melbourne homes scheduled for auction this week, with volumes expected to be higher than last week (1,221) and last year (1,378).
In Sydney, just under 1,000 homes will be auctioned this week, up on last week’s 940 and the 937 held one year ago.
While across the smaller auction markets volumes will increase in Adelaide and Tasmania, while Brisbane, Perth and Canberra have fewer scheduled auctions week on week.
Watch for our thoughts about the weekend ahead and the numbers around the country and then join us on Monday as we give the most comprehensive national roundup of the full week’s activity and a look inside the top sales in 6 capital cities.