Auction volumes are set to increase across the combined capital cities this week, exceeding 2,000 for the third time since late June. There are currently 2,211 capital city homes scheduled for auction this week, up from 1,741 last week. Although auction numbers are up 27.0% week-on-week, they remain -26.8% lower than the same period last year (3,019).
Melbourne is set to see the busiest auction week since the week ending 19th June (1,266) as the city gears up to celebrate the Melbourne Cup over the following week. There are currently 1,167 homes scheduled for auction, up 69.1% from last week (690), although volumes are -20.4% lower than this time last year when 1,467 auctions were held across the city.
There are 673 auctions scheduled in Sydney this week, up 1.4% from the 664 auctions held last week. While this week’s auction activity is similar to last week, it is -30.9% lower than the same week last year when 974 homes were taken to auction across the city.
Brisbane is the busiest auction market amongst the smaller capitals this week, with 146 auctions scheduled, down -7.0% from the previous week when 157 auctions were held. There are 133 homes scheduled for auction in Adelaide, up 9.9% from last week (121), while Canberra is set to see fewer homes taken to auction this week (81), down -8.0% week-on-week (88). There are 10 auctions scheduled in Perth this week, down from 20 the week prior, while in Tasmania, just one home is scheduled for auction.
Summary of final results – week ending 16 October 2022
The capital city clearance rate slipped below 60% last week, with a final result of 59.8%. The figures were slightly down on 60.6% from the previous week and significantly lower than this time last year when 78.3% of reported auctions were successful.