By Duane Kaak, Research Analyst, CoreLogic Australia
Capital city auction activity is set to remain steady this week, with 1,875 homes expected to go under the hammer across the combined capitals. This represents just eight less auctions than last week (1,887), while in the same week last year, 2,644 homes went under the hammer across the combined capitals.
Sydney is the busiest market this week, with 789 homes scheduled for auction across the city. This is 13.0% higher than the 698 auctions held last week, however -13.5% below the 912 auctions held over the same week last year.
There are 757 homes scheduled to go under the hammer in Melbourne this week, down -10.3% from the 844 auctions held last week and -39.2% below the 1,245 held in the same week last year.
Auction activity across the smaller capital cities is also relatively steady this week with 321 auctions scheduled, down seven auctions from the number held last week. Brisbane is narrowly expecting the busiest week among the smaller capitals, with 119 homes scheduled for auction, down -13.1% from last week (137). This is closely followed by Adelaide with 118 homes scheduled for auction, up one auction on last week (117). Canberra auction numbers will rise this week (84), up 13.5% compared to the previous week (74). In Perth, eight homes are scheduled for auction, nine less than last week, while Tasmanians are marking the first weekend of winter by staying dry and warm indoors with no homes scheduled for auction there this week.
Capital city auction activity is expected to reduce significantly next week due to the public holiday long weekend, with around 1,080 homes currently scheduled for auction.
Last week’s final combined capitals clearance rate of 71.5% was the highest final clearance rate since February 2022.