By Caitlin Fono, Research Analyst, CoreLogic
There are currently 2,136 capital city homes scheduled for auction this week, down -12.1% from last week (2,429) and -28.3% lower than this time last year (2,979). While auction activity is set to hold above 2,000 for the second week in a row, all capital cities are set to see fewer homes taken to auction this week compared to both last week and this time last year.
Melbourne is set to be the busiest auction market this week with 947 homes scheduled for auction, down -18.4% from last week when 1,161 auctions were held, and -34.8% lower than this time last year (1,452).
In Sydney, 845 homes are scheduled for auction this week, down -1.6% from last week (859) and -15.4% lower than this time last year when 999 homes were auctioned across the city.
Across the smaller capital cities, Adelaide is set to host the most auctions this week (117), down -4.9% from last week (123), while Brisbane (112) and Canberra (108) are both expecting to see auction volumes drop by -20.0% week-on-week. In Perth, six homes are currently scheduled for auction, down from eight last week, while there is just one auction scheduled in Tasmania, down from three last week. Over the same week last year, auction volumes across the smaller capitals were higher with 200 homes taken to auction across Adelaide, 180 in Brisbane, 137 in Canberra, nine in Perth, and two in Tasmania.
Summary of results – week ending 26 February 2023
There were 2,429 homes taken to auction across the combined capital cities last week, compared to 1,846 over the previous week and 3,386 this time last year. Last week’s capital city auction activity was the highest over the year to date, and the first-time auction volumes have exceeded 2,000 since the week ending 18 December (2,320). The final clearance rate came in at 66.8% last week, down just 40 basis points from the previous week when 67.2% of auctions were successful – the highest clearance rate recorded since the week ending 13 March 2022 (68.9%). This time last year 70.9% of auctions were successful.