The Australian property market is gearing up for a bustling weekend as auction volumes are set to rise significantly across the eastern seaboard. Following a temporary lull due to recent public holidays, seller confidence appears to be surging, bringing a wave of fresh inventory to the nation’s biggest cities.

According to the latest research data from Cotality, there are 2,913 homes currently scheduled to go under the hammer across the combined capital cities this week. This marks a solid 4.4 per cent increase from the 2,790 auctions held last week. More notably, it represents a substantial 22.0 per cent surge compared to the 2,388 auctions recorded at the exact same time last year, indicating a robust shift in listing momentum.

Melbourne is firmly leading the national auction activity. The Victorian capital has 1,361 homes scheduled for auction, representing a 2.4 per cent rise from last week’s 1,329 and an 11.5 per cent jump from the 1,221 auctions seen during the corresponding week last year.

Not to be outdone in sheer growth, Sydney is experiencing a dramatic spike in vendor listings. The Harbour City is expecting 1,118 scheduled auctions, climbing 13.6 per cent from the 984 held last week. Even more striking is Sydney’s year-on-year growth, with this week’s volume sitting an impressive 38.0 per cent higher than the 810 auctions tracked during the same period last year.

Among the smaller capital cities, Brisbane remains the clear leader with 197 scheduled auctions, up from 188 the previous week. Conversely, activity is slowing elsewhere across the country. Adelaide is anticipating 131 homes to go to auction, down from 152 last week, while Canberra’s scheduled auctions have dropped to 90 from 119. Perth is expecting just 15 auctions, and Tasmania has only a single home on the radar for the second consecutive week.

This influx of new property listings follows a week of subtle recovery for the national market, which was heavily impacted the week prior by long weekend public holidays in four of the eight states and territories. Last week, the combined capital city clearance rate saw a slight improvement, breaking a five-week downward trend to settle at 58.5 per cent.

Although this 60 basis point increase is a positive sign, it remains the second-lowest clearance rate recorded so far this year and sits below the 63.0 per cent success rate seen at this time last year. Sydney’s final clearance rate slipped to 56.1 per cent last week, marking its lowest result of the year. Meanwhile, Melbourne stabilized slightly at 58.4 per cent after hitting a post-Easter 2023 low the week prior.

Interestingly, while the major capitals balance high volumes with softening clearance rates, Adelaide remained a bright spot for sellers last week, recording a robust clearance rate of 80.3 per cent—the strongest result seen in three weeks. As thousands of homes hit the market this weekend, all eyes will be on whether buyer demand can absorb this rising tide of east coast inventory.