More than 3,000 auctions for fifth straight week

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Australian capital cities are set to host more than 3,000 auctions for the fifth straight week.

Figures from CoreLogic RP Data show that there are 3,028 auctions scheduled across the capital cities this week, down from the 3,252 held last week.

The corresponding week last year saw 3,511 homes go under the hammer.

Last week’s national clearance rate finalised at 57.3%, the lowest weekly clearance rate since February 2013.

Melbourne continues its run as the nation’s busiest auction market, with the Victorian capital to hold more than half of this week’s auctions.

The city is expected to hold 1,601 auctions this week, down slightly on the 1,622 it held last week.

Melbourne’s final clearance rate last week was 63.3%, the highest mark for any city.

This week has seen a solid drop in volumes in Sydney, with 902 auctions scheduled after 1,070 were held last week.

Last week saw Sydney’s clearance rate push closer to 50%, finalising at 52.9% compared to 56.2% from the previous week.

Volumes will also be down in Brisbane this week, with the Queensland capital breaking its two-week run of volumes above 200.

This week the city is scheduled to hold 173 auctions, compared to the 203 last week, which returned a clearance rate of 42.2%.

Canberra has seen a slight week-on-week decrease, with the national capital set to hold 116 auctions this week after the 123 it held last week.

Canberra’s clearance rate last week finalised at 57.5%.

After its busiest week of the year last week which saw it hold 81 auctions, Perth has also seen a fall in volumes with only 61 scheduled last week.

The high volume last week didn’t bring out the buyers, though, with Perth’s clearance rate coming in at just 36%.

Adelaide is the only market where volumes have increased this week, with 151 auctions scheduled to be held this week, compared to last week’s 138.

Adelaide’s final clearance rate last week was 60%, making it and Melbourne the only markets with rates at 60% or above.

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