The Australian property market is preparing for a massive surge in auction activity this week as sellers rush to beat the impending Easter long weekend. With an astonishing 4,163 homes scheduled to go under the hammer across the combined capital cities, the market is seeing a massive 49.8% spike compared to the 2,779 auctions held last week.

This dramatic influx of listings is shaping up to make this the busiest auction week the nation has seen since December 2021. According to Cotality Research Analyst Caitlin Fono, the rush is heavily driven by the upcoming holiday, as next week’s scheduled auctions are set to plummet to a mere 730 homes across the capital cities.

Melbourne is leading the pre-holiday charge with the highest volume of scheduled auctions, boasting 1,827 homes ready for bidding. This marks a significant 33.4% increase from last week and a 33.9% jump compared to the exact same time last year. Provided all scheduled auctions proceed, Melbourne is staring down its busiest week since late October of last year.

Meanwhile, Sydney is experiencing an even sharper week-on-week escalation, with scheduled auctions rocketing by 73.1% to reach 1,691 homes. This sets the stage for Sydney’s most active auction market in over four years, marking its busiest week since December 2021.

The smaller capital cities are also capturing the pre-Easter growth. Brisbane has emerged as the busiest of the smaller markets, with 275 scheduled auctions on the calendar. Adelaide follows closely behind with 189 properties going to market, while Canberra is set to host 157. On the quieter end of the spectrum, Perth will see 23 auctions, and Tasmania has just a single property scheduled for the third consecutive week.

This monumental surge in supply arrives at a critical juncture, as recent data suggests buyer demand may be softening. Last week, the combined capital city clearance rate slipped 1.6 percentage points to 56.9%, marking the lowest clearance rate recorded so far this year. Sydney’s final clearance rate dipped to 55.0%—also its lowest result of the year—while Melbourne recorded a moderate clearance rate of 57.4%. Among the smaller capitals, Perth managed to secure the highest clearance rate at 66.7%, despite its low volume of just 15 auctions.

As the hammer falls on thousands of properties this weekend, industry watchers and investors will be keenly observing whether buyer appetite can successfully absorb this phenomenal pre-Easter supply drop, or if clearance rates will continue their downward trajectory in the face of so much choice.