Following a drop in capital city auction clearance rates last week from 75.8 per cent to 74.4 per cent, activity is expected to rebound with auction volumes increasing over this week from 2,987 to 3,127.
The anticipated top performer among the capital cities is Melbourne, with more than 1,500 auctions scheduled. The metro suburbs Reservoir and St Kilda are the most active in the country with 24 properties listed, followed by Richmond, Craigieburn, Glen Waverley, Malvern East and Mount Waverley.
Sydney is hot on Melbourne’s heels with 1,143 auctions set for the week. This capital recorded the highest overall clearance rate in the country at 79.6 per cent last week, with the eastern suburbs sub-region alone reporting an 89.7 per cent clearance rate. In Adelaide, auction activity is expected to remain stable, with 135 auctions set compared to last week’s 137.
However, auction volumes are set to drop this week in Brisbane, Perth and Canberra. Canberra reported its lowest clearance rate in over a month last week at 70.3 per cent with 119 auctions; this week, the number of auctions falls to just 96. Auction volume plummets from 73 to just 59 in Perth despite being the only capital to record an increase in clearance rates last week.
Nonetheless, the regional auction market in Queensland thrived last week, with the Hunter and Gold Coast regions being the most active. Geelong had the highest auction clearance rate at 85.7 per cent, surpassing those of Melbourne.
Meanwhile, the clearance rate in Brisbane (45.2 per cent) fell behind those of the Gold Coast and the Sunshine Coast at 53.5 per cent and 60.7 per cent, respectively.