Auction activity sees marked increase

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Australia’s auction market is set for surge in activity this week as more than 2,000 homes are scheduled to go under the hammer.

Figures from CoreLogic RP Data show that 2,419 residential auctions are being tracked this week compared to the 1,565 that were held last week.  

Last week’s national clearance rate finalised at 69.7%.

After being knocked off its perch as the nation’s busies market last week, Melbourne has jumped back to the top this week.

The Victorian capital is scheduled to hold 1,233 auctions this week, more than double the 602 it held last week.

Melbourne finished last week with a clearance rate of 71.5%, the third highest in the country.

Melbourne is home to the top five busiest individual suburbs, with Bentleigh East to hold 28 auctions, followed by St Kilda with 21 and Craigieburn, Malvern East and Reservoir all holding 18.

While it may not be the nation’s busiest auction market this week, Sydney too has seen a week-on-week increase in volumes.

The harbour city held 643 auctions last week and is so far expecting 763 for this week.

Sydney’s clearance rate finished at 77.4% last week, the highest mark recorded across the country.

Brisbane is expecting 141 auctions this week, an increase on the 130 it held last week.

The Queensland capital finished last week with a clearance rate of 37.6%, the second lowest mark recorded across the country.

In Adelaide 129 auctions are currently scheduled for this week.

Last week saw the city hold 99 auctions and return a clearance rate of 59.5%.

In Canberra, volumes have nearly doubled over the week, with 101 auctions scheduled this week compared to last week’s 56.

Canberra’s clearance rate finalised at 73.3% last week, the second best mark recorded across the country.

After holding 30 auctions last week and returning a clearance rate of 29.2%, Perth is set to hold 44 this week.

The volume numbers for Perth, Canberra and Adelaide are all six-week highs.

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