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Auction activity this week overtook last week as the busiest since mid-June.
According to CoreLogic, 2,465 homes will go under the hammer this coming week, up 7.3 per cent on the previous week’s numbers as the nation gears up for the seasonal activity peak predicted last week.
Unsurprisingly, these figures are 42 per cent lower than those reported during the same week last year, when CoreLogic recorded its third-busiest week since records began in 2008 (4,251).
Melbourne’s activity is firming to remain above 1,000 for the second week running, with 1,009 auctions scheduled, consistent with the 1,008 held the previous week.
Last week, the Victorian capital recorded its strongest final clearance rate (62.3 per cent) since late September (64.6 per cent). The city’s inner east concluded the week as its strongest-performing subregion after 70.8 per cent of 137 auctions were successful, while Melbourne’s west only saw 44.4 per cent of 135 auctions returned a positive result.
In Sydney, the harbour city is preparing for its busiest week since late May when 1,109 auctions were held. Across the harbour city, 922 homes are set to go under the hammer, representing a 27.5 per cent increase from last week.
The eastern suburbs — where 74 per cent of 77 auctions returned a positive result — was the NSW capital’s most successful subregion. Conversely, the Central Coast was the poorest-performing region, collecting a final clearance rate of 50 per cent from 10 auctions.
When it comes to the busiest smaller capital city, Brisbane and Canberra were tied for the top spot, with each market hosting 149 auctions, trailed closely by Adelaide’s 147. Activity in Perth is set to decrease by nearly half, with 15 auctions scheduled for the week ahead as opposed to 29 last week.
Meanwhile, four auctions are expected in Tasmania this week, up from one the previous week.
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