Auction volumes across the combined capital cities are expected to be lower than the previous week.
According to CoreLogic’s Auction Market Preview, for the week concluding 5 July, there are 1,115 capital city auctions being tracked. This is down from the 1,485 auctions last week but higher than this time last year when 953 homes went under the hammer.
The lower volumes are expected to be influenced by school holidays.
“In Melbourne, 417 auctions are scheduled across the city this week, down from 645 auctions last week, although higher than volumes from the same week last year (388),” CoreLogic noted.
“There are 538 Sydney homes scheduled for auction this week, down from 644 last week according to final figures, and higher than the 359 held one year ago.”
Across the smaller markets, CoreLogic expects volumes in Brisbane to sit at 62, Canberra at 46, Adelaide at 39, at 12 and Tasmania at one.
Last week’s results saw a final auction clearance rate of 60.06 per cent across 1,485 homes – the highest clearance rate seen since 31 May.
“In comparison, the previous week saw 1,251 homes taken to auction, returning a 59.6 per cent success rate. This time last year, 1,295 auctions were held across the combined capitals, and a clearance rate of 62.9 per cent was recorded,” CoreLogic said.
“In Melbourne, a final auction clearance rate of 61.0 per cent was recorded across 645 auctions last week, up from 60.1 per cent across 558 auctions the previous week. One year ago, a lower 535 Melbourne homes went to auction recording a clearance rate of 68.6 per cent.
“There were 644 Sydney homes auctioned last week, returning a final success rate of 62.9 per cent. Last week’s clearance rate was higher than the previous week when 61.6 per cent of the 522 auctions reported a successful result.
“Canberra was the best-performing across the smaller cities, with 84.4 per cent of auctions successful.”