After the lull of the Easter long weekend, the auction market is poised for a significant rebound, according to CoreLogic’s Auction Market Preview.
With 2,057 homes across capital cities slated for auction, the numbers have more than doubled from last week’s 901 and far exceeded the 652 auctions held during the same period last year.
Sydney emerged as the busiest auction market with 942 homes up for auction, showing a substantial increase from 414 last week and 371 last year, both periods influenced by Easter.
In Melbourne, 811 homes are scheduled for auction, a significant rise from last week's 283 and last year's 108, reflecting the market's resilience and growth.
Brisbane and Adelaide are not far behind, hosting 119 and 113 auctions, respectively.
Canberra, Perth, and Tasmania also contributed to the week’s auction activity, though on a smaller scale.
An early forecast suggested nearly 2,000 homes will be auctioned in the upcoming week, indicating a steady interest in the auction market as it moves away from the Easter period.
Last week saw 901 homes go to auction across the capital cities. And despite the second busiest Easter on record for auctions, the final combined capital city clearance rate dipped to 64.8%, marking the lowest rate since December 2023.
Last week, Melbourne saw 283 auctions, a drop from 1,760 the previous week and 1,202 from the same period last year, with a clearance rate of 60.3%. Sydney hosted 414 auctions, decreasing from 1,199 the week before and 1,017 a year ago, with a 68.8% clearance rate.
In smaller capitals, Adelaide had the highest clearance rate at 75.9%, with auction counts being 95 in Brisbane, 58 in Adelaide, 46 in Canberra, five in Perth (one successful), and none in Tasmania, CoreLogic reported.
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