By Duane Kaak, Data Acquisition and Research, CoreLogic Australia

Auction activity is set to rebound this week after the last week’s ‘unofficial long weekend’ saw volumes decrease. Across the combined capitals, 1,793 homes are set to go under the hammer this week, up 24.5% from the 1,440 auctions held last week. This week last year, just prior to the RBA’s first cash rate rise (3 May 2022), 2,699 homes were auctioned across the combined capitals.

Melbourne will be the busiest auction market this week, with 759 homes scheduled to go under the hammer across the city. This week’s expected auction activity is 20.7% higher than the 629 auctions held last week but is -41.2% lower than the 1,290 auctions held during the same week last year.

There are 605 homes scheduled to go under the hammer in Sydney this week, up from the 574 auctions held last week but down -33.8% on the 914 held this week last year.

Brisbane is expecting the busiest auction week among the smaller capitals, with 200 homes scheduled for auction this week, more than double the number of auctions held last week (96) and 7.5% more than the 186 homes auctioned this time last year. In Adelaide, 151 homes are set to go under the hammer, while 56 auctions are set to occur in Canberra this week. In Perth, 19 homes are scheduled for auction this week, and three homes in Tasmania are currently scheduled to go under the hammer. 

Last week’s final clearance rate was 64.9%, down 3.2 percentage points from the previous week’s results of 68.1%.