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Nationally, 35.1 per cent fewer homes are expected to go under the hammer over the coming weekend, blamed on public holiday celebrations across multiple states.
According to CoreLogic, the coming week will see 1,334 homes head to auction, a stark drop from the previous week’s 2,054, with Labour Day in Victoria, as well as public holidays across South Australia, the ACT, and Tasmania next Monday, heralded as driving this decline.
Sydney is expected to overtake the Victorian capital as Australia’s busiest market this week, with 708 auctions scheduled. While there is no public holiday in place for NSW, the capital city is reporting a 9.5 per cent week-on-week decrease in activity.
Last week, the harbour city registered a final clearance rate of 68.7 per cent, while a slight increase in withdrawals (13.5 per cent) was also reported. The outer west and Blue Mountains were the city’s most successful sub-region after 83.3 per cent of the area’s auctions returned a positive result, while the Central Coast’s final clearance rate of 43.8 per cent marked it as the city’s poorest performing sub-region.
Due to Labour Day, 61.4 per cent fewer auctions will be hosted in Melbourne this week, with 358 homes expected to go under the hammer. The Victorian capital ended last week with 66.5 per cent of its 925 results returning a positive result.
Melbourne’s inner east’s 74.3 per cent final clearance rate from 136 total auctions marked it as the city’s strongest performing sub-region. Conversely, the city’s west, where 52.8 per cent of the 107 auctions returned a positive result, was the weakest-performing sub-region last week.
Across the smaller capitals, Brisbane is set to be the busiest, with 111 auctions scheduled, up 2.8 per cent from the previous week, followed by Adelaide (80) and Canberra (61), with both markets expecting public holiday-induced activity declines.
In Perth, 15 homes are scheduled for auction, an increase on last week’s nine, while there is just one scheduled in Tasmania, in line with both last week and the same period last year.
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