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Following public holiday disruptions last week, CoreLogic reported the number of auctions is set to double this coming week.
Despite falling short of the activity during the equivalent week of 2022, this week, 2,318 homes are expected to go under the hammer, up from 1,280 last week, in what is forecast to be the second busiest auction week this year.
For the second time this year, Melbourne is set to crack 1,000 auctions with 1,074 expected across the Victoria capital this coming week, up substantially from last week’s 360.
Melbourne ended last week with a final clearance rate of 62.8 per cent, with the city’s southeast region’s 78.7 per cent success rate from 47 auctions leading the charge. Meanwhile, the Mornington Peninsula’s 50 per cent final clearance rate from 10 auctions marked it as the weakest-performing sub-region.
Set to lose its crown as the nation’s busiest auction market, 837 homes are scheduled to go under the hammer in Sydney this week, representing a 27 per cent increase on last week’s 659.
The NSW capital finished last week with a 69.3 per cent final clearance rate — the city’s second-highest rate for the year — while withdrawal rates held firm at 13.7 per cent. Baulkham Hills and Hawkesbury, where 82.6 per cent of the 23 auctions returned a positive result, was the harbour city’s strongest-performing sub-region, while the Central Coast’s 42.9 per cent final clearance rate from 14 auctions marked it as the weakest performer.
Brisbane, Canberra, and Adelaide are anticipating activity increases of 32.1 per cent, 111.5 per cent, and 55 per cent, respectively. The Queensland capital is expecting 140 auctions this coming week, followed by the national capital’s 129 and 124 scheduled for Adelaide.
In Perth, activity is expected to dip slightly from 13 last week to 10, while there are four auctions scheduled in Tasmania, up from just one last week.
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