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Auction activity is expected to rise for the fifth consecutive week across the country as summer selling season gains momentum, according to CoreLogic.
Volume is up 7.2 per cent from last week, with 2,719 homes expected to go under the hammer Australia-wide in the week ending 11 December 2022.
Despite the bump in homes going under the hammer, current levels pale in comparison to the same week of 2021 when CoreLogic recorded its busiest auction week since records began in 2008.
Not since mid-June of this year has Melbourne hosted a busier auction week. A total of 1,207 homes are set to go to auction across the Victorian capital this coming week, up 4.2 per cent on the 1,158 recorded last week.
Looking back at last week’s figures, Melbourne’s inner east hosted the most successful auctions, with 72 per cent of its 143 returning a positive result, while the city’s west was its poorest performing sub-region with a preliminary clearance rate of 44.3 per cent from 150 auctions.
Emulating the wider nation’s performance, Sydney is expecting its busiest week since mid-June with just under 1,000 (988) homes set to go to auction, marking a 10.9 per cent increase on last week’s results yet remaining below the same period last year when the harbour city recorded its busiest week on record (1,791).
In the week prior, the NSW capital’s inner west had the most successful week out of all the city’s sub-regions as 73.2 per cent of the 71 auctions held returned a successful result. Conversely, Sydney’s outer south-west, where 10 homes went under the hammer, registered a preliminary clearance rate of 10 per cent, marking it as the city’s worst performing sub-region.
Adelaide is pencilled in to be the busiest of Australia’s smaller capital cities with 190 auctions anticipated to go ahead in the coming week, marking its busiest auction week since early July (192). A 7.8 per cent volume increase means Brisbane is expecting 180 homes to go under the hammer, while Canberra looks likely to host 143 auctions courtesy of a 14.4 per cent activity increase.
There are 10 homes scheduled to go ahead in Perth across the seven-day period, with just one auction to be held in Tasmania.
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