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With just over 2,400 homes going under the hammer across the country this week, CoreLogic is reporting spring selling season has kicked off with a bang.
Over the week ending 3 September 2023, 2,401 auctions will take place across the country, marking the third-busiest week this year. As winter draws to a close, this week’s activity represents a 5.4 per cent uptick on last week’s auction levels.
In a sign of the market’s recovery from the period of rising interest rates, weaker selling conditions and dwindling dwelling values that defined much of 2022, this week’s auction activity represents a significant increase on the number of homes auctioned from the opening week of last year’s spring selling season (1,823).
Despite activity expected to decline by 4.8 per cent to 1,021 auctions this week, Melbourne is set to be the nation’s busiest auction market. Last week, the Victorian capital hosted 1,072 auctions and reported a final clearance rate of 64.7 per cent.
The city’s outer east was it’s strongest performing subregion after 74.7 per cent of its 71 auctions ended successfully. On the flip side, Melbourne’s west, which registered a 48.3 per cent final clearance rate from 114 auctions, was the city’s poorest performing subregion.
Sydney is bracing for over 1,000 auctions for just the second time this year with 1,010 homes penciled in to go under the hammer across the harbour city, up 16.5 per cent on last week (867). Last week, the NSW capital recorded a 69.1 per cent final clearance rate from 867 auctions.
Sydney’s outer south-west, where 81.8 per cent of the 11 auctions returned a positive result, was the city’s strongest performing subregion, while the Central Coast, which reported a final clearance rate of 41.4 per cent from 29 auctions, was Sydney’s poorest performing subregion.
Activity across the smaller capitals is expected to rise 9.1 per cent, with significant increases in Brisbane (28.1 per cent) and Canberra (23.2 per cent) offsetting Adelaide’s expected activity decline of 17.5 per cent.
The Queensland capital is firming as the busiest of these markets with 155 auctions scheduled in. This also markets the city’s busiest week in five weeks. Despite the significant activity decline, Adelaide is still set to host 104 auctions, while 101 homes will go under the hammer in the national capital, marking Canberra’s busiest week since early April.
In Perth, eight homes are set to go under the hammer while two auctions are scheduled for Tasmania this week.
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