By Caitlin Fono, Research Analyst, CoreLogic Australia
There are 2,057 capital city homes currently scheduled for auction this week, up from 901 last week (Easter) and 652 this time last year (also Easter).
Sydney is set to be the busiest auction market this week with 942 homes scheduled for auction, up from 414 last week and 371 this time last year. The lower volumes both last week and this time last year are due to Easter.
There are 811 homes scheduled to go under the hammer in Melbourne this week, up from 283 last week and 108 this time last year.
Across the smaller capital cities, Brisbane is set to host 119 auctions this week, followed closely by Adelaide (113). In Canberra, 63 homes are scheduled for auction, while there are just eight auctions scheduled in Perth and one in Tasmania. An early view of auction volumes indicates we will see just under 2,000 homes taken to auction across the combined capital cities next week (w/e 14th April).
Summary of last week’s results
There were 901 homes taken to auction across the combined capital cities last week, the second busiest Easter for auctions on record behind Easter 2022 (926). The previous week saw 3,519 homes taken to auction, the busiest auction week since w/e 10th April 2022 (4,035). This week last year was the week prior to Easter 2023, and 2,687 auctions were held.
A final combined capital city clearance rate of 64.8% was recorded last week, overtaking the previous week (65.8%) as the lowest final clearance rate since the week ending 17th December 2023 (56.6%). One year ago, 65.2% of auctions were successful.
In Melbourne, 283 homes were taken to auction last week, compared to 1,760 over the previous week and 1,202 this time last year. Melbourne’s final clearance rate came in at 60.3% last week, the lowest clearance rate so far this year. The previous week recorded a clearance rate of 63.0% while this time last year, 66.7% of auctions were successful.
There were 414 auctions held across Sydney last week, down from 1,199 over the previous week and 1,017 this time last year. Sydney’s final clearance rate came in at 68.8% last week, down from 70.4% over the previous week. One year ago, 66.1% of auctions were successful.
Across the smaller capital cities, Adelaide recorded the highest clearance rate last week (75.9%), followed by Brisbane (60.6%) and Canberra (56.5%). Brisbane was host to 95 auctions last week, followed by Adelaide (58) and Canberra (46). There were just five auctions in Perth last week, one of which was successful, while there were no auctions in Tasmania.