Can the auction market bounce back from a three-month low?

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Australia’s auction market will be hoping to bounce back after last week’s final clearance rate was the lowest in more than three months

According to figures from CoreLogic RP Data, last week’s combined capital city clearance rate was finalised at 74.7%, the lowest recorded rate since early March.

This week it’s expected there will be 1,944 auctions across Australia’s capital cities, down slightly on last week’s 2,143.

In terms of volumes, Sydney will the busiest capital this week with 865 auctions scheduled.

That figure is only slightly down on last week’s total of 906 and the harbour city will be hoping it can break a three week slump of clearance rates below 80%.

After topping the volume count last week, Melbourne has seen a more significant drop, with only 793 homes to go under the hammer this week compared to the 918 last week.

The Victorian capital will also be hoping to break a clearance rate slump, with last week’s result of 75.7% marking the third straight week of falling rates in the city.

The most auctions in an individual suburb this week is 12, with three Melbourne suburbs; Bentleigh East, Glen Waverley and Mount Waverley and Sydney’s Ashfield all sharing that honour.

Volumes in Adelaide have stayed pat this week, with the city of churches again expecting 80 homes up for auction this week.

Perth has also seen little change this week, with 20 auctions expected this week compared to 21 a week ago, while Canberra is expecting a week-on-week drop from 49 to 43.

Brisbane has seen its numbers take a hit this week, with its total this week down to 133 this week compared to 163 last week.

The Queensland capital will be hoping for another strong clearance result after recording a final rate of 54% last week
 

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