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A volume surge should see Melbourne overtake Sydney as the nation’s busiest market this coming week, according to CoreLogic.
Melbourne will leapfrog Sydney to the top spot on the activity leaderboard this coming week with a 41.7 per cent jump in activity, culminating in the Victorian capital expecting to host 799 auctions. While a week-on-week increase, these figures represent a 39.6 per cent decline in activity during the same week in 2022.
The city concluded last week with a final clearance rate of 61 per cent from 564 auctions, with the inner east sub-region the strongest performer after 78.2 per cent of its 55 auctions returned a positive result, while the Mornington Peninsula’s 26.7 per cent final clearance rate from 15 auctions marked it as the weakest performer.
Sydney is expecting 740 auctions in the coming week, up 23.1 per cent from last week’s 601 yet down 27.5 per cent on the 1,021 from the same week last year. At the conclusion of last week, 65.7 per cent of the homes that went under the hammer in the harbour city returned a positive result.
Sutherland was the strongest performing Sydney sub-region last week, following a recorded final clearance rate of 82.6 per cent from 23 auctions. Meanwhile, the city’s south west was the poorest performing sub-region after 36.4 per cent of its 44 auctions returned a positive result.
Across the smaller capital cities, Brisbane and Adelaide are experiencing activity increases of 19.2 per cent and 12.1 per cent respectively. The Queensland capital is set to host 124 auctions, while its South Australian counterpart has 104 scheduled in.
The national capital, Canberra, is expecting activity to remain steady week-on-week with this week’s 100 auctions, one more than last week.
There are currently 10 homes scheduled for auction across Perth, down from 13 last week, while two auctions are pencilled in for Tasmania this week.
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