Property markets in Sydney and Melbourne, the hottest in the country right now, will receive their test this weekend with auction volumes in both cities picking up as the spring selling season approaches.
According to CoreLogic, there are 1,972 auctions scheduled nationally, up from 1,795 in the previous week.
Of those, there are 1,002 scheduled in Melbourne and 691 in Sydney, both higher than the prior week. Despite the increase, the numbers are still well below the levels seen a year ago.
“The three busiest suburbs for auction this week are all in Melbourne with Reservoir (19), Craigieburn (18) and Northcote (16) topping the list,” say CoreLogic. “The busiest suburb for auctions outside of Melbourne is Sydney’s Randwick, with 12 auctions scheduled.”
Outside of Sydney and Melbourne, there are 112 auctions scheduled for Brisbane, 76 in Adelaide, 30 in Perth and 58 in Canberra.
Last week a national auction clearance rate of 75.2% was achieved, the highest level seen since early August 2015.
“Much of the ongoing strength in the capital city market continues to be driven by Sydney, where last week’s clearance rate hit the highest since the first week in June last year (88.7 per cent), at 84.3 per cent, despite the city recording lower volumes than over previous years,” noted the group.
“Sydney’s auction clearance rate has been above 70% for 18 consecutive weeks.”
The map below from CoreLogic shows the final auction clearance rate achieved across Australia’s capitals last week.