A total of 2,609 properties are scheduled for auction across the capital cities for the week ending October 20, slightly above last week’s 2,598 and up from 2,463 in the same period last year, according to CoreLogic.
“We’re seeing strong momentum in the auction market, with numbers steadily increasing week on week as we head into the final quarter of the year,” said Caitlin Fono (pictured above), research analyst, CoreLogic Australia.
Melbourne maintains a streak of more than 1,000 auctions for the third week in a row, with 1,111 homes set to go under the hammer. This is a slight increase from 1,091 last week but slightly fewer than the 1,139 recorded at this time in 2023.
“Melbourne’s auction market remains resilient despite fluctuating clearance rates,” Fono said. “The demand is there, but buyers are becoming more cautious with rising interest rates.”
Sydney is hosting 1,036 auctions this week, making it the third busiest week so far in 2024. This marks a slight increase from 1,018 last week, while only 888 auctions took place during the same period last year.
“Sydney has bounced back from last week’s holiday lull, and we’re expecting clearance rates to improve in the coming weeks as more properties hit the market,” Fono said.
Among smaller capitals, Brisbane gears up for its second busiest week of the year, scheduling 231 auctions, up from 215 last week.
In Adelaide, auction volumes dipped to 144 from 169 the previous week. Canberra’s numbers fell from 90 to 69, while Perth hosts 17 auctions, a slight rise from 13.
Tasmania has only one auction scheduled, compared to two last week.
“Brisbane and Adelaide continue to perform well, particularly Brisbane, where volumes have almost doubled compared to earlier in the year,” Fono said.
Looking ahead, CoreLogic expects auction volumes to exceed 3,000 next week, with around 3,200 homes scheduled for sale. This would make it the second busiest auction week this year, only behind the Easter week, which saw 3,519 homes up for auction.
The week ending October 13 saw 2,598 homes go to auction, marking the sixth busiest week of 2024. This was a sharp increase from 1,955 auctions the week prior and above the 2,275 held during the same week in 2023.
The combined capital city clearance rate edged back above 60%, reaching 60.8%, after slipping below that mark to 59.5% the previous week. At this time last year, the clearance rate stood at 65.2%.
Melbourne saw 1,091 auctions last week, just slightly below the 1,095 from the previous week. The city’s clearance rate fell to 57.6%, marking the fourth consecutive week below 60%. This is down from 59.4% the previous week and significantly lower than the 64.3% achieved last year.
Sydney held 1,018 auctions, more than double the previous week’s 524 (due to Labour Day), with a clearance rate bouncing back to 63.0% from the previous 57.6%. During the same week last year, 66.8% of auctions were successful.
Brisbane recorded the highest number of auctions among smaller cities with 215, followed by Adelaide (169), Canberra (90), and Perth (13).
Adelaide reported the highest clearance rate at 69.8%, followed by Canberra (64.4%), Brisbane (59.1%), and Perth (53.8%).
Tasmania’s two auctions last week were unsuccessful, CoreLogic reported.
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