This week, only 1,327 homes are scheduled for auction across capital cities, marking a significant 44.2% decrease from last week's 2,380 auctions, according to CoreLogic.
The downturn in auction activity is largely due to the King’s Birthday long weekend affecting six of the eight states and territories, compared to 1,033 homes auctioned during the same period last year.
In Melbourne, auction volumes have dramatically fallen to 480, a steep 56.7% drop from last week’s 1,109 auctions, although this still represents a 52.4% increase from last year’s 315 auctions.
Sydney leads in auction numbers this week with 537 homes, yet this is down 40.3% from last week’s 899 auctions. Comparatively, last year saw 468 homes auctioned in Sydney during the same period.
Brisbane, Adelaide, and Canberra are all expecting fewer auctions compared to last week, with declines observed across these cities. However, Perth sees a slight uptick with 15 homes scheduled, up from 11 last week, while Tasmania has only one planned auction.
As the holiday weekend concludes, auction activity is expected to rebound strongly next week, with nearly 2,300 homes slated for auction across the combined capitals, CoreLogic said.
Last week, 2,380 homes were auctioned, with a final clearance rate of 66.2%, marking a 2.6 percentage point increase from the prior week. This was a significant improvement over the lowest clearance rate of the year recorded the week before.
Sydney and Melbourne showed varied performance with Sydney’s clearance rates continuing to slide, whereas Melbourne enjoyed its strongest clearance rate since April.
To read CoreLogic’s Auction Market Preview in full, click here.
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