By Duane Kaak, Research Analyst, CoreLogic Australia
Capital City auction activity is set to take a long weekend break this week, with 1,088 homes expected to go under the hammer across the combined capitals. This week’s subdued auction numbers represent a -40.1% week-on-week decline compared to the 1,815 homes auctioned last week. This time last year (1,377), the Queen’s Birthday long weekend drop-off was more severe, falling -47.8% week on week.
Sydney is set to host the most auctions for the second week in a row, with 515 homes scheduled for auction across the city. This is -31.4% lower than the 751 auctions held last week, and 26 less than 541 homes auctioned last year.
There are 320 homes scheduled to go under the hammer in Melbourne this week, down -56.5% from the 736 auctions held last week and -28.8% below the 450 held this week last year.
Auction activity across the smaller capital cities is set to reduce this week with 244 auctions scheduled, down -23.3% from the 318 auctions held last week. As one of the only capitals without an upcoming public holiday, Brisbane is expecting the busiest week among the smaller capitals, with 108 homes scheduled for auction, down -10.7% from last week (121). This is followed by Adelaide with 84 homes scheduled for auction, down -27.6% on last week (116), and Canberra (52) is also expecting a significant decline of -35.8% week on week. In Perth, nine homes are scheduled for auction, two less than last week, while no homes are scheduled for auction this week in Tasmania, which is enjoying the start of Dark Mofo.
Capital city auction activity is expected to rebound next week, with around 2,290 homes currently scheduled for auction. The impacts of this week’s rate rise announcement on the auction activity, clearance rates, and home values may become more apparent over the coming weeks.
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 73.1%. This was the fourth week in a row that a clearance rate of 70% or more was recorded across the combined capitals, and was the highest recorded since 13 February 2022 (73.5%).