Long weekend brings auction numbers down

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With all states and territories except for Western Australia having a long weekend this week, auction activity is set to be down across the country according to CoreLogic RP Data. 

The slow week comes after a month of strong auction activity, with May recording a combined capital clearance rate of 78.4%. 

The last week of May recorded a clearance rate of 78.5%, well above the result from the same week last year of 66.4%. 

This week will see capital city auction volumes more than halved, with 1,016 scheduled compared to the 2,792 held last week. 

Melbourne has seen the biggest drop off compared to last week, with only 253 scheduled for the week compared to the 1,248 held last week – a decrease of 80%. 

Sydney volumes have performed somewhat better, mainly due to midweek auctions being more popular in the harbour city. 

This week 508 houses will be taken to auction in Sydney, down from 1,149 last week and the suburb of Mosman has the highest number of scheduled auctions with 13. 

Sydney and Melbourne both finished May with clearance rates above 80%, at 86.2% and 80.3% respectively. 

Brisbane will see 114 auctions this week, down from last week’s 213, but up on the 95 held at the same time last year. 

Adelaide is expecting 58 auctions this week, compared to 95 last week and 78 last year.

Across Canberra only 35 auctions will be held this week, down from 52 last week and 44 one year ago.

In Perth, the only city that doesn’t have a public holiday on Monday, auction volumes are set to increase this week, up from 21 last week to 44 this week.

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