Following the busiest auction week of the year to date last week, CoreLogic is expecting capital city auction activity to ease this week, led by a decline across Melbourne.
CoreLogic’s Auction Market Preview for the week ending Nov. 5 showed that 2,105 homes are scheduled for auction this week, marking a 37.7% fall from last week’s 3,381 auctions. The figure is also 11% below the average weekly volumes of 2,365 seen during the spring season so far, but notably higher compared to the 1,917 homes auctioned this time last year.
Sydney is expected to host the most active auction market this week with 1,161 homes set for auction, a 8.4% lift from the previous week. This surpasses last week’s 1,071 and marks the city’s busiest auction week since mid-April 2022, when 1,490 auctions were held. Last year, the city saw 704 homes go under the hammer during the same period.
In anticipation of the Melbourne Cup carnival next week, Melbourne’s auction activity is set to sharply fall, with 457 homes expected to be auctioned, a significant drop from last week’s 1,725 auctions. This figure, however, remains higher than the 797 auctions held during the same period last year.
Adelaide is gearing up for its busiest auction week of the year to date, with 179 homes scheduled for auction, a 5.9% increase from the previous week’s 169.
Brisbane’s auction activity is expected to decline by 40.2% week-on-week, with 140 homes set to go under the hammer. Meanwhile, Canberra’s auction volume is tipped to fall by 12.1% to 145 this week. In Perth, 19 homes are scheduled for auction, and four auctions are set to be held in Tasmania this week.
Some 3,381 homes went under the hammer across the capital cities last week, marking the capitals’ busiest auction week of the year.
Last week's numbers saw a substantial rise from the previous week’s 2,463 auctions, which were 27.2% lower. Comparatively, 1,921 homes were auctioned at the time a year ago.
The spike in auction numbers tested buyer demand, resulting in a final clearance rate of 62.9% – the lowest since the 61.5% recorded during Easter-affected week ending April 9.
CoreLogic said the decline in the clearance rate was mainly driven by an increase in properties being passed in at auction (29%), reflecting greater buyer choice, reduced urgency, and the anticipation of a Melbourne Cup Day rate hike. In contrast, vendors remained resolute, with the withdrawal rate dropping by 30 basis points to 8.1%.
See the graphs below for the capital city auction statistics for the week ending Oct. 29.
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