Auction volumes on the up

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The spring selling season may be heating up, with an increase in auction volumes across Australia’s capital cities this week.

According to figures from CoreLogic RP Data, there will be 2,659 auctions across the country this week, up from 2,297 last week and significantly higher than the 2,080 one year ago.

The final auction clearance rate was 73.2% week, remaining virtually unchanged from the 73.4% over the previous week.

Melbourne will again be the busiest city this week, with 1,180 homes scheduled to go under the hammer.

The Victorian capital will be hoping the increased stock brings buyers out after its clearance rate fell to 75.1% last week.

The top three suburbs for the highest volume of auctions this week are all located in Melbourne; Bentleigh East (20), Reservoir (19) and Richmond (18).

Sydney is not far behind Melbourne in volume terms, with 1,084 auctions set for the week.

While Sydney’s clearance rate rose on a week by week basis to 76.9% last week, there are slight signs the city’s market is calling as that result was lower than the 80.1% recorded the same time last year.

Brisbane’s volumes have taken a marked rise this week, up to 185 from 130, while Canberra has also seen a solid increase from 52 to 77.

Adelaide is set to hold 91, while Perth will see 36 homes go under the hammer and seven auctions are being tracked across Tasmania. 

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