But Sydney is poised for its busiest auction week in over a year
Auction activity across Australia’s combined capital cities is expected to drop by 31.6% week-on-week, largely due to the AFL Grand Final celebrations in Melbourne and Adelaide.
A total of 1,903 homes are scheduled for auction, down from 2,781 last week, but up from 1,198 during the same period last year, property data services provider CoreLogic has reported.
Melbourne will see its quietest auction week since late January, with just 243 auctions scheduled. This represents an 81.8% decrease from last week, but is 19.7% higher than the 203 auctions held during the same week last year.
In contrast, Sydney is gearing up for its busiest auction week since April 2022, with 1,270 homes set to go under the hammer, according to CoreLogic’s Auction Market Preview. This is up from 1,009 auctions last week and 714 at the same time last year.
Among the smaller capitals, Adelaide is expecting a 37% drop in auction activity, while Brisbane and Canberra will see increases of 5.9% and 36.8%, respectively. Brisbane will host 144 auctions, the highest among the smaller capitals, followed by Adelaide with 131.
Canberra is set for its busiest auction week since mid-March, with 104 auctions scheduled. Perth will see just 10 homes go under the hammer, and Tasmania has only one auction planned.
Next week, auction volumes are expected to remain low due to the Labour Day and King’s Birthday long weekends in New South Wales, the Australian Capital Territory, Queensland, and South Australia, with activity likely to pick up the following week.
Last week, Australia’s combined capitals experienced the busiest auction week since before Easter. However, the final clearance rate dropped to 60.7%, the lowest this year, down from 62.5% the previous week.
Melbourne led with 1,335 auctions, though its clearance rate dipped below 60% for the first time in eight weeks. Sydney saw 1,199 homes auctioned, its busiest week since March, but the clearance rate eased to 61.6%. Adelaide was the strongest performer among smaller capitals, with a 76% clearance rate. Brisbane, Canberra, and Perth had lower rates, with Tasmania recording an unsuccessful auction.
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