Auction volumes stagnate ahead of long-weekend

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Vendors across Australia don’t seem to be in any rush to take properties to auctions before the impending Anzac Day long weekend, with only two capital cities currently expecting an increase in volumes this week.

According to CoreLogic RP Data, 1,559 capital city auctions are scheduled this week, with only Melbourne and Adelaide expected to be busier this week than they were last week,

Last week saw 1,831 homes go under the hammer, with the national clearance rate finalising at 67.1%.

Melbourne is by far the busiest city this week, with the Victorian capital set to hold more than 800 auctions for the second straight week.

CoreLogic is currently tracking 834 auctions in Melbourne, up slightly from the 803 it held last week.

Melbourne’s clearance rate finished at 73.2% last week, the strongest for any market.

Reservoir in Melbourne is the busiest suburb for auctions this week, with 17 scheduled. Following on from Reservoir are three more Melbourne suburbs; Cheltenham, Glen Waverley and Richmond, each with 12 auctions scheduled.

Sydney has seen a relatively solid drop in volumes this week, with only 420 auctions scheduled currently.

Last week the harbour city held 678 auctions and returned a clearance rate of 67.1%, the fourth time in 2016 Sydney has failed to post a clearance rate of 70% or above and the third straight week the city’s clearance rate has fallen.

After holding 160 auctions last week, Brisbane is only expecting 133 this week.

Brisbane’s clearance rate finalised at 47.7% last week, the second lowest mark recorded over the week.

In Adelaide 94 auctions are expected this week, an increase of 20 on last week’s number.

Adelaide finished lasrt week with a clearance rate of 63.6%.

Canberra is predicted to hold 46 auctions, down from the 68 it held last week.

The clearance rate in the nation’s capital finished at 61.9% last week.

Perth had the lowest clearance rate of any market last week at 33.3% and this week will hold 24 auctions, down from 36.
 

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