National Auction Market Preview
Mill Park in Victoria is the busiest individual suburb for auctions this week, with 11 homes expected to go under the hammer, followed by Craigieburn and Epping each with 10 auctions scheduled.
This week, the quantity of homes scheduled to go to auction is ready to extend across the combined capital cities with 974 currently being tracked by CoreLogic, up from last week when only 394 auctions were command over the Easter amount delay.
Melbourne is expected to examine the most significant increase in volumes this week, with 476 properties scheduled for auction, up from the 50 auctions held last week. Whereas in Sydney, 319 homes are set to go to auction this week, increasing on the 221 held last week.
Outside of Sydney and Melbourne, the remaining capital cities will see a higher figure of auctions this week in comparison to last week, with the exception of Canberra where there are less auctions scheduled.
Summary of Last Week’s results
Last week’s Easter period slowdown saw 394 homes seized across the combined capital cities, this was down significantly on the week previous when 2,276 auctions came about, that was the second busiest week for auctions so far this year. The lower volumes last week reappeared to a final auction clearance rate of 43.9%, not only falling from the week previous to when 52.2% of homes sold, however marketing the second lowest clearance rate over the year to date.
There were only 50 homes in Melbourne that auctioned last week, returning a final auction clearance rate of 63.2%. Sydney had the best volume of auctions of all the capital town auction markets last week, with 221 held and a clearance rate of 46.3%, falling on the previous week’s 55.8% across the next 929 auctions.
Clearance rates drop week-on-week across the lower auction markets, with Canberra returning the strongest result with 43.8% of auctions clearing.
Across the non-capital city auction markets, Hunter region documented the strongest clearance rate last week with 26.7% of the 20 auctions announcing as successful.