Auctions are set to jump after slowing during last week's "unofficial long weekend"
Auction activity is set to increase this week after volumes fell during last week’s “unofficial long weekend,” according to CoreLogic’s latest Auction Market Preview.
Across the combined capital cities, 1,793 homes are set to go to auction this week, a 24.5% jump from the 1,440 auctions held last week.
A year ago this week – just before the Reserve Bank’s first cash rate hike – 2,699 homes were auctioned in the combined capital cities.
Melbourne is set to be the busiest auction market this week, with 759 homes scheduled for auction in the city, CoreLogic reported. That’s 20.75 higher than the 629 auctions held last week but 41.2% lower than the 1,290 auctions held during the same week in 2022.
Sydney has 605 homes scheduled to go under the hammer this week, up from the 574 auctions held last week but a 33.8% drop from the 914 auctions held this week last year.
CoreLogic is forecasting that Brisbane will see the busiest auction week among the smaller capitals, with 200 homes scheduled to go under the hammer. That’s more than twice the 96 auctions held last week, and 7.5% more than the 186 homes auctioned the same week in 2022, CoreLogic reported.
Adelaide has 151 homes set for auction this week, while 56 auctions are scheduled in Canberra. Nineteen homes are scheduled to go under the hammer in Perth, and three homes are scheduled for auction in Tasmania.
Last week’s results
Auction activity slowed slightly last week amid the “unofficial long weekend” after spiking the week before. Last week, 1,440 homes were taken to auction last week across the combined capital cities, down from 1,708 the week prior.
The combined capital cities clearance rate dropped 3.2 percentage points last week, with 64.9% of auctions successful. The previous week’s clearance rate of 68.1% was the highest recorded so far this year, CoreLogic reported.
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Melbourne was the busiest capital for auctions last week, with 629 homes auctioned. That’s an 11.9% drop from the 714 homes auctioned the week prior. With 68% of auctions successful, last week’s clearance rate was one percentage point lower than the week prior.
Sydney saw 574 auctions last week, down from 678 the week prior. Last week’s 65.1% clearance rate was six percentage points lower than the previous week.
Brisbane was the busiest among the smaller capitals last week with 96 homes auctioned, followed by Adelaide (68) and Canberra (64).
Adelaide posted the highest clearance rate among the smaller capitals at 72.1%, CoreLogic reported.
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