Auction volumes rise, activity still below that seen last year

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Australia’s auction market has seen a solid increase in volumes over the week, but activity still sits below what was seen this time 12 months ago.

CoreLogic RP Data is currently tracking 2,301 auctions across Australia’s capital cities this week, up from the 1,920 held last week, while the corresponding week a year ago saw 2,792 homes go under the hammer.

Last week’s national clearance finalised at 68.9%.

Nearly half of country’s auction activity this week will be in Melbourne, with the Victorian capital set to hold 1,110 auctions.

Last week saw Melbourne hold 843 auction and return a final clearance rate of 70%, the second best mark recorded over the week.

Melbourne’s Glen Waverley will be the busiest individual suburb this week with 25 auctions, while Melbourne’s Reservoir (19), Craigieburn (16) and South Yarra (16) are the next busiest.

Volumes have remained relatively steady in Sydney over the week, with the harbour city to hold 732 auctions this week compared to the 735 it held last week.

Sydney had the highest clearance rate of all cities last week at 73.2%.

While volumes are relatively similar in Sydney on a week-on-week basis, Sydney has seen activity decline significantly over the year, with 1,149 auctions held in the city this time last year.

Brisbane this week is expecting a jump in activity, with the city to hold 176 auctions after last week’s 131.

Brisbane’s clearance rate finished last week at 50.9%, the second lowest mark of all capital cities.

Canberra has seen a similar increase in volumes, with the national capital scheduled for 100 auctions this week after holding 68 last week.

Canberra’s clearance rate finished last week at 67.2%.

Adelaide has seen a smaller increase in volumes over the week, with 114 auctions scheduled this week compared to last week’s 92.

At 68.2%, Adelaide had the strongest clearance rate last week outside of Sydney or Melbourne.

Perth held 42 auctions last week, a figure that has risen to 50 this week.

Perth’s clearance rate of 42.9% last week was the lowest recorded in the country.

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