By Duane Kaak, Research Analyst, CoreLogic Australia
The number of scheduled auctions across the combined capital cities for the last week of July again defies seasonal trends, with a 17.3% lift in auctions compared to the week prior. The 2,028 homes scheduled to go under the hammer is the first time we’ve seen more than 2,000 auctions since the week prior to Easter. It’s also the third consecutive week of a positive upswing in auction numbers. Over the corresponding week last year, 1,913 auctions were held and a combined clearance rate of 54.0% was achieved.
The city of Melbourne is set to be the most active auction market this week, with a 28.6% lift from last week’s 668 auctions, up to 859 this week. Compared to the same week of July 2022, this week’s activity is 6.2% higher, when 809 homes were auctioned and a clearance rate of 56.6% was achieved.
Sydney’s auction activity will also significantly increase this week to 814, up 16.5% on last week’s 699 auctions. At the same time last year, activity was -30.4% lower, with 624 auctions held across Sydney, with a final clearance rate of 50.0% achieved, the lowest rate recorded in the past 12 months.
Across the remaining major capital cities, Brisbane has a 6.5% increase in scheduled auction numbers to 179 homes this week. In the Brisbane riverside suburb of Bulimba, an in-room event on Saturday morning will help boost another above-average week of activity.
Auction activity across Adelaide decreases by just three homes this week, with 112 dwellings scheduled for the auctioneer’s hammer, whilst Canberra also decreases this week, to 53 homes, down -20.9% on last week. Perth is set to host 11 auctions this week and no auctions are scheduled in Tasmania this week.
The positive week-on-week increase in activity across the combined capitals is set to reduce next week, with just over 1,820 homes currently scheduled for auction.