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After last week marked a nine-week activity high, national auction volumes are set to dip slightly in the first week of spring.
Canberra is the only capital to record a week-on-week increase as CoreLogic predicts national volume to slide 5.1 per cent from last week’s 2,006 to 1,904. However, this volume represents a 33.8 per cent jump from the same period last year — when 1,423 homes went under the hammer while both Melbourne and Sydney were clamped by COVID lockdowns.
Last week’s final clearance rate was 55.8 per cent, a drop from the 58.8 per cent seen a fortnight ago.
The Victorian capital is predicted to be the busiest of all the national capitals, even with a 6.5 per cent decline on the previous week’s 832 auctions — with 778 expected for the coming week. In line with national trends, this figure is an 80.9 per cent rise from that recorded this time last year when 430 were held.
After it was forecast that Sydney would lead the charge last week, the harbour city has dropped down to second this coming week, with its 773 auctions falling just shy of the levels seen across Melbourne. This is in line with the activity seen the previous week — when 779 were held — and is 27.3 per cent above the number of auctions held this time last year (607).
Across the smaller capital cities, tough selling conditions are being labelled as the primary driver of activity declines, with scheduled volume down 10.6 per cent week on week and 8.5 per cent in comparison to this time last year.
Brisbane (126) just edges out Adelaide (123) as the busiest of the smaller capitals, despite both experiencing declines of 20.3 per cent and 14 per cent, respectively, when compared to the same period last year.
The national capital, Canberra, is the only location where activity is looking on track to increase, with a 9.2 per cent week-on-week increase assisting the ACT capital’s volume in rising to 95 auctions.
Perth is expecting eight auctions, half of the number seen this time last year, while there is one scheduled for Tasmania this week.
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