This week, there are 1,790 capital city homes scheduled for auction, a decline of 11.8% from last week’s 2,030 auctions, CoreLogic reported.
Over the same week last year, 1,428 homes were auctioned across the combined capitals. This marks only the second time since May that auction activity has fallen below 2,000.
“An 11.8% decrease from last week’s numbers indicates a notable slowdown,” said Caitlin Fono (pictured above), research analyst at CoreLogic Australia. “The winter season is certainly having an impact on auction volumes.”
Melbourne will see 673 homes go to auction this week, down 24.0% from last week’s 886 but 17.9% higher than this time last year (571).
In contrast, Sydney has 803 auctions scheduled, up 4.8% from last week’s 766 and 41.6% higher than last year’s 567.
Sydney and Perth are the only capital cities with increased auction activity week-on-week, CoreLogic figures showed.
“Melbourne’s auction numbers have dropped significantly, which is unusual for this time of year,” Fono said. "Meanwhile, Sydney is showing resilience with a slight increase."
Adelaide is set to host 143 auctions, slightly down from last week’s 147 but higher than last year’s 101.
Brisbane has 119 auctions scheduled, compared to 159 last week and 105 last year.
Canberra will see 43 auctions, down from 65 last week and 72 last year.
Perth has nine auctions, up from five last week but lower than last year’s 12. Tasmania has no auctions scheduled this week.
“The smaller capitals are experiencing mixed results, with Adelaide maintaining steady activity while Brisbane and Canberra see declines,” Fono said.
Next week, just under 1,500 homes are scheduled for auction across the combined capitals, indicating that the winter slowdown is underway.
“With fewer auctions scheduled for next week, it's clear the winter slowdown is affecting market activity,” Fono said.
Last week, 2,030 homes were auctioned across the combined capitals, down 5.6% from the previous week’s 2,150 but 31.6% higher than last year’s 1,543.
The combined capital city final clearance rate dipped to 63.0%, the second lowest this year, behind the week ending June 9 (62.0%). The previous week recorded a clearance rate of 66.2%, while last year, 64.9% of homes taken to auction were successful.
“Last week’s clearance rate of 63% is indicative of a cooling market, with fewer successful auctions compared to earlier this year,” Fono said.
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