Auction volumes remain high in Melbourne and Sydney

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Australia’s auctioneers are set for another busy week, with almost 3,000 auctions set to take place this weekend.

According to CoreLogic RP Data, there are 2,904 auctions scheduled for this week, only slightly down on the 3,016 held last week.  

Last week’s final clearance rate came in at 69.5%, a slight improvement on the previous week’s 68.2%.

This week will be another where both Sydney and Melbourne hold more than 1,000 auctions each, backing up a prediction made last month by Domain Group senior economist Andrew Wilson that the two cities would see an increase in auction volumes as the end of the calendar year draws near.

Melbourne will be the nation’s busiest market this week with 1,481 homes to go under the hammer, up slightly on last week’s 1,397 and significantly higher than the 1,167 one year ago.

The top 10 busiest suburbs for auctions are all located in Melbourne this week.

Brighton and Reservoir are set to be the busiest with 21 auctions, while Cheltenham will hold 19.   

In Sydney, the harbour city’s volumes still sit in four figures despite a decrease on last week’s numbers.

This week 1,063 homes will go to auction, lower than last week’s 1,197 but higher than the 929 one year ago.

Sydney isn’t the only market to see a weekly decrease in auction volumes, with Adelaide, Brisbane and Perth all seeing their figures drop.

Adelaide will hold 88 auctions after 127 last week, while Brisbane will fall from 186 to 149 and in Perth there will be 16 auctions after 34 last week.

Though they have all had a week-on-week decrease, the three city’s will all have more auctions this weekend then they did in the corresponding week last year.

Canberra is the smaller markets this week, with a weekly increase from 68 auctions last week to 92 this week. 
 

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