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Auction volumes are expected to rise a significant 12.7 per cent on last week’s activity, with 1,967 homes currently scheduled for auction across the combined capital cities for the week ending 13 August.
The volume of auctions has been on the rise throughout the tail end of winter, though consistency has been lacking, with last week’s preliminary volumes down 7.7 per cent. Overall, however, volumes are up 27.8 per cent from one month ago, and 22.1 per cent higher than this time last year.
Melbourne will be the busiest market for the country’s auctioneers this week, with 847 homes currently scheduled to hit the block, up 9.7 per cent from the previous week (772) and 32.3 per cent higher than this time last year (640).
But Sydney is not far behind, with 819 homes going under the hammer. With an increase of 18.4 per cent over last week, this is slated to be the third-busiest week of the year for Australia’s largest city, eclipsed only by the week before Easter when 1,017 homes went to auction and the last week of February with 859 live sales. This week’s numbers are also a substantial increase from this time last year, rising 33.2 per cent over the same week in 2022.
In the smaller auction markets, Brisbane is projected to see a substantial increase, with this week’s 128 scheduled live sales up 50 per cent on last week’s 85.
Meanwhile, Adelaide is set to host 92 auctions, down -12.4 per cent from the previous week, while Canberra is set to host 70 auctions, down -15.7 per cent week-on-week. There are 11 auctions scheduled in Perth, up from seven the previous week.
Last week represented a dip in the warming winter market – there were 1,746 homes taken to auction across the combined capital cities, down -11.5 per cent from the previous week’s 1,973.
Even so, the week still stayed above last year’s from the same period, with an 18.7 per cent increase from 1,471.
Of the 1,745 results collected, 64.5 per cent of auctions were successful, roughly the same as last week’s 64.9 per cent. This is 7.9 percentage points higher than this time last year (56.6 per cent), though the lowest capital city clearance rate for 2023 since Easter’s 61.5 per cent.
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