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Auction activity is on the rise – more auctions are being held across the country, but where are the busiest auction markets?
CoreLogic has reported that auctions increased significantly this week, tracking 1,622 auctions, an increase from last week’s 1,318 but down from the same time last year, when 2,248 auctions were scheduled.
Melbourne was the by far the biggest market, with 735 auctions scheduled. The other major market this week was Sydney, with 599.
Despite this being an increase on last week, both markets are still seeing a significant decline from last year, when each held over 900 auctions.
With the exception of Canberra, auction activity is higher week-on-week for all markets: Brisbane recorded 111 auctions and Adelaide held 89. Reservoir in Melbourne was the busiest suburb for the second week in a row, holding 17 scheduled auctions this week. Malvern East was the second-busiest suburb, with 16 auctions.
The national clearance rate was the highest recorded in a year, with 75 per cent of auctions cleared, up from 72.5 per cent last week.
The capital cities saw the highest combined clearance rate since August 2015, with 76.9 per cent of auctions successful.
Sydney and Melbourne experienced a small improvement from last week, Sydney hitting 78.3 per cent and Melbourne clearing its highest rate since July 2015 at 78.9 per cent.
As of this week, Sydney’s clearance rate has been over 70 per cent for 17 consecutive weeks and Melbourne has seen over 70 per cent clearance rate for six weeks.
Clearance rates also increased throughout the remaining capital cities, Adelaide reaching the highest with a rate of 68.8 per cent.
Outside the capital cities, the Gold Coast was the busiest region. It held 31 auctions at a 56.5 per cent clearance rate, an increase of 4.5 per cent from last week.
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