By Duane Kaak, Research Analyst, CoreLogic Australia
Auction activity remains steady this week with 1,426 homes across the combined capitals scheduled for auction, down just two auctions from last week. Last year over the same period, a 3.7% week-on-week increase was recorded, as school holiday activities concluded. This week’s activity is -15.6% less than the 1,689 auctions held the same week last year.
Melbourne is narrowly the busiest auction market this week with 566 homes scheduled for auction across the city, down five auctions on last week’s 571 auctions and down -16.1% on the 675 auctions held the same week last year.
Just one auction separates the two largest markets, with Sydney set to host 565 auctions this week, down just -0.4% on last week’s 567 auctions. This time last year, auction activity was 12.9% higher with 638 auctions held.
Across the smaller capital cities, Brisbane is expecting a 1.9% increase in activity with 107 auctions scheduled, just two auctions more than last week (105). Activity across Brisbane is down -31.4% on the 156 homes auctioned the same week last year. Similarly, Adelaide has two more homes scheduled for auction this week compared to last week, with 103 homes going under the hammer. Adelaide’s auction activity is -16.9% lower compared to last year when it hosted 124 auctions.
Canberra again has 72 homes scheduled to go under the auctioneer’s gavel, the same number as last week, but -17.2% less than the 87 held last year. Across Perth, 12 homes are scheduled for auction, equal to the number last week, and three more than the nine auctioned last year. Tasmanians continue their winter hibernation with no homes scheduled for auction.
There were 1,428 homes taken to auction across the combined capital cities last week, returning a slight week-on-week improvement in the final clearance rate of 68.4%. This time last year, 55.1% of auctions were successful.