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Volumes are set to slide for the first time this year in the coming week, but more than 2,000 homes are still set to go under the hammer.
Following last week’s performance, when nearly 2,500 auctions were held across the country, a 12.1 per cent decline is expected for the week ending 5 March with 2,136 scheduled, according to CoreLogic.
Despite an 18.4 per cent decrease in listings, Melbourne is set to remain the busiest capital city this week with 947 scheduled auctions. At the end of last week, the Victorian capital reported a final clearance rate of 66.8 per cent, its highest since the week ending 3 April 2022.
The city’s south-east was its most successful sub-region, recording a 77.8 per cent final clearance rate from 108 total auctions. Conversely, the Mornington Peninsula, where 51.6 per cent of the 31 auctions were successful, was its weakest-performing sub-region.
Sydney is expecting a slighter activity drop off with a 1.6 per cent decrease resulting in 845 homes scheduled to go under the hammer this week. Last week, 68.7 per cent of the harbour city’s auctions returned a successful result.
The 83.3 per cent clearance rate across the Central Coast’s 12 auctions, which achieved a positive result, marked it as the city’s best-performing sub-region, while a 46.2 per cent final clearance rate in the outer south-west from 13 auctions saw it ranked as the poorest performer in the New South Wales capital.
CoreLogic reported a week-on-week increase in Sydney’s withdrawal rate, from 9.1 per cent to 12.1 per cent. However, the portion of homes passed in at auction remained relatively stable at 19.2 per cent, following the previous week’s 19 per cent.
In the smaller capitals, Adelaide looks likely to host the most auctions (117), while both Brisbane and Canberra are expected to see 20 per cent less activity at 112 and 108 respectively.
Last week, the South Australian capital led the nation in terms of final clearance rate (82.1 per cent). The Queensland capital ended the week with 56.8 per cent of its auctions returning a successful result, with this figure dropping to 54.8 per cent regarding the national capital.
There are six auctions scheduled for Perth this week, down from eight last week, while just one auction is expected in Tasmania, down from three last week.
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