This week, 2,395 capital city homes are scheduled for auction, up 5.8% from last week’s 2,264 auctions and 32.0% higher than this time last year (1,815), CoreLogic reported.
Auction volumes in Melbourne are expected to remain above 1,000 for the fifth consecutive week, with 1,094 homes up for auction, just 0.6% higher than last week (1,087) and 48.6% higher than this time last year (736).
Sydney is set to see a significant increase in auction volumes this week, with 934 homes currently set for auction, up from 767 last week. This will be the busiest auction week since the week prior to Easter (1,199). Last year, 751 auctions were held across the city during the same week.
Across the smaller capitals, Adelaide (149), Brisbane (141), and Canberra (66) are expecting fewer homes taken to auction week-on-week, down from 157, 151, and 89 respectively.
Perth is seeing a slight increase with 11 auctions scheduled, up from nine last week, while there are no auctions scheduled in Tasmania.
Auction activity is expected to drop significantly next week due to the King's Birthday long weekend in six of the eight states and territories, with around 1,300 auctions currently scheduled across the combined capitals.
Last week saw 2,264 homes taken to auction across the combined capitals, up 5.5% from the previous week (2,146) and 20.0% higher than this time last year (1,887).
The final clearance rate was 63.6%, -1.8 percentage points lower than the previous week (65.4%) and -7.9 percentage points lower than a year ago (71.5%), marking the lowest final clearance rate recorded so far this year.
Sydney's auction numbers increased by 5.8% last week, with 767 homes auctioned across the city. The final clearance rate in Sydney slipped to 67.3%, slightly lower than the previous week (67.7%).
In Melbourne, 1,087 homes were taken to auction last week, up 7.7% from the previous week (1,009) and 28.8% higher than the same week last year (844). Melbourne’s final clearance rate fell to 61.0%, down from 62.6% the previous week.
Adelaide (157) overtook Brisbane (151) as the busiest auction market among the smaller capitals last week, followed by Canberra (89). Adelaide recorded the highest clearance rate at 74.7%, followed by Brisbane at 63.6% and Canberra at 47.2%. In Perth, three out of nine auctions were successful, while in Tasmania, two out of four auctions held were successful.
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