Significant jump this week for Australia's auction volumes

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Australia’s appetite for auctions will be well and truly tested this week with a large increase in the number of homes to go under the hammer.

According to figures from CoreLogic RP Data, 2,461 residential auctions are set to take place across Australia’s capital cities this week, up significantly from the 1,903 held last week.
Melbourne is set to be the busiest city this week with 1,080 auctions scheduled.

That number makes this week the 13th week the city’s auction volumes have passed 1,000, compared to only 11 weeks by the same time last year.

It will be interesting to see what the volume increase means for Melbourne’s clearance rate, after it saw a healthy bump last week up to 78.2% from the preceding week’s 75.7%.

Sydney has also seen a large increase in volumes, with the harbour city to host 1,065 auctions this week compared to 825 last week.

Vendors will be hoping the increased variety will draw out more buyers after Sydney last week recorded a clearance rate of 76%; the lowest seen in the city so far this year.

Sydney’s Blacktown is set to be the busiest suburb this week with 18 auctions, while Glen Iris and Richmond in Melbourne are both expecting 17.

Volume numbers have stayed relatively consistent in both Brisbane and Adelaide this week.

Brisbane is expecting 146 auctions this week compared to 114 last week, while Adelaide is set to hold 77 this week after 75 last week.

Across Canberra, 61 auctions are scheduled to be held this week, compared to 41 last week.

Six auctions are scheduled for Tasmania this week. 
 

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