Auction volumes break the 3,000 barrier again

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Despite a slight week-on-week dip, auction volumes are set to remain at elevated levels this week.

According to CoreLogic RP Data, Australia’s capital cities are set to hold 3,171 auctions this week, down slightly on the 3,274 held last week.

Final clearance figures from last week show there was a slight strengthening in the national clearance rate, with it increasing to 62.3% from the previous week’s 61.4%.

Melbourne has retained the mantle of the nation’s busiest auction market, with 1,518 homes to go under the hammer in the Victorian capital, marginally down on the 1,567 held last week.

The previous two weeks have seen Melbourne’s clearance rate hover just below 70%, at 69% and 69.8%, and vendors will be hoping there is no softening this week.

In Sydney, vendors will be hoping for an improvement in the clearance rate, with it again coming in at below 60% last week.

The harbour city’s rate finalised at 58% last week, down from 58.4% recorded over the previous week.

Last week’s result was also Sydney’s lowest clearance rate since February 2013.  

This week Sydney is scheduled to hold 1,130 auctions, slightly lower than the 1,248 held last week.

If Sydney can’t post a better clearance result than Melbourne this week, it will be 11-straight weeks of dominance for the Victorian capital.

Brisbane will have another relatively busy week by its standards, with 214 auctions scheduled compared to last week’s 198.

Volumes are also up in Adelaide from 121 to 141 and Canberra from 102 to 116.

After holding 39 auctions last week, Perth is scheduled for 38 this week.

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