Auction volumes pass 3,000 for the eighth week

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Auction volumes across Australia this week are set to surpass 3,000 for the eighth time in 2015.

According to CoreLogic RP Data, 3,312 auctions are scheduled this week, down on the 2015 year-to-date high of 3,729 that were held last week.

Last week’s national auction clearance rate finalised at 60.1%, meaning the national clearance rate for the spring months finished at 65.5%, down from the 68% recorded over the same period in 2014.

Melbourne will again easily be the busiest market this week, with it set to hold nearly 500 more auctions than any other city.

After a record-high 1,876 auctions were scheduled last week, 1,670 auctions have been set down for the Victorian capital this week.

Melbourne recorded a final clearance rate last week of 65.9%, the highest mark for any city.

Melbourne’s best performing sub-regions last week were the inner-city and outer-east, both of which returned clearance rates of above 70%.

Sydney is Melbourne’s closet rival in terms of volumes, with 1,088 homes set to go under the hammer this week after 1,284 did so last week.

The harbour city will be hoping the smaller number of auctions will prevent it from going 10 straight weeks of sub-60% clearance rates, after last week’s rate finalised at 56.2%.

Over the same week last year Sydney’s clearance rate was 70.6%.

The eastern suburbs was Sydney’s best performing sub-region last week, returning a clearance rate of 73.7%, while Ryde, North Sydney and Hornsby and Sutherland all managed to record clearance rates higher than the city-wide result.

Brisbane is set to hold 210 auctions this week, making it three straight weeks the Queensland capital has had more than 200 auctions scheduled, however vendors will be hoping it can improve on the 47.3% clearance rate recorded last week.

In Adelaide, 137 auctions are scheduled this week, while Canberra is set to hold 122.

Vendors in Canberra will also be hoping for a stronger week after the city recorded a clearance rate of 50.6% last week, its lowest since last December.

Perth is set for its busiest week of the year, with 85 auctions scheduled.

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