Auction activity is set to reduce but remains above average

By Duane Kaak, Research Analyst, CoreLogic Australia

The number of scheduled auctions across the combined capital cities is set to reduce -7.7% this week, with 1,821 homes scheduled for auction. Despite the decline, this week’s expected auction numbers are still 7.1% higher than the weekly average over the year to date (1,700). This week’s activity is 23.8% higher than the same week last year when 1,471 auctions were held and a combined clearance rate of 56.6% was achieved.

Melbourne is set to host 792 auctions this week, down -9.0% on last week’s 870 homes auctioned. Compared to the first week of August 2022, when 619 homes were auctioned and a clearance rate of 58.4% was recorded, this week’s activity is 27.9% higher.

Sydney’s auction activity is expected to remain relatively steady this week, with 748 homes scheduled for auction, only one less than last week. This week’s scheduled auctions are significantly higher than the same week last year when 480 auctions were held, and a final clearance rate of 56.4% was achieved.

Across the smaller auction capitals, Adelaide (105) is set to be the busiest market, despite auction activity decreasing by nine homes this week. Brisbane is set for the quietest auction week since Easter 2023, with 86 auctions scheduled, and less than half of last week’s 173 auctions. Canberra is set to hold its busiest week in nine weeks, with 81 homes set to go under the auctioneer’s hammer. Perth is set to host seven auctions, while there are two auctions currently scheduled in Tasmania this week.

Activity across the combined capitals is set to increase next week, with just over 1,990 homes currently scheduled for auction.

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