After hovering around 1,900 over the past two weeks, scheduled capital city auction numbers are up 19.1% this week. With 2,283 homes scheduled for auction, the combined capitals are set for the busiest auction week since late June, when 2,364 capital city homes were auctioned. Last week saw 1,917 homes auctioned across the capitals, while this time last year, when selling conditions were much stronger, 3,539 auctions were held.
Melbourne is set to host the busiest auction week amongst the capitals, with 953 homes set to go under the hammer this week. Up 19.6% from the 797 auctions held last week, this week’s auction activity is -39.1% below this time last year (1,564), when the end of Melbourne lockdowns saw auction volumes surge.
With 871 homes scheduled for auction, this week is set to be Sydney’s busiest week since late June (890) and marks the seventh time Sydney’s auction activity is scheduled to exceed 800 since Easter. This week’s auction volumes are 23.7% above the number recorded last week (704) but are -30.8% below the number of auctions held this time last year (1,259).
Across the smaller capitals, Brisbane is set to overtake Adelaide as the busiest auction market this week, with 174 homes scheduled for auction (up 33.8% week on week). With 154 homes across Adelaide and 108 homes across Canberra scheduled for auction, this week’s auction activity is down -1.9% and -3.6% respectively compared to last week. In Perth, 18 homes are set to go under the hammer, while five auctions are expected in Tasmania this week.
Summary of final results – week ending 6 November 2022
There were 1,917 auctions held across the combined capital cities last week, in line with the 1,921 auctions held the previous week but -41.8% below the 3,292 auctions held this time last year. The combined capitals clearance rate remained below 60% for the second week in a row, with 59.0% of auctions reporting a successful result. While last week’s result was 20 basis points above the rate recorded the previous week (58.8%), it was still 14 percentage points below the clearance rate recorded this time last year (73.0%) when selling conditions were much stronger.