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A 50 per cent decrease in auction activity marks the quietest auction week since mid-June for Australia’s capital cities, according to data from CoreLogic.
The week ending 1 October 2023 will have Aussies in holiday mode, with Labour Day in NSW, ACT and South Australia; the King’s Birthday in Queensland; and the AFL grand final in Victoria setting the nation up for a long weekend.
A total of just 1,324 homes will go under the hammer by the close of the week.
Sydney is predicted to be the busiest market, with 805 properties up for auction. Even so, the harbour city will host its slowest week in the last seven weeks, down from a busy 1,017 last week, which is the highest figure for the year so far.
The pace will continue to relax in Melbourne, where 108 scheduled for auction will make this the city’s quietest week since Easter. Despite the change of page, clearance rates remain steady, with 63.9 per cent of auctions ending successfully last week.
Up north, Brisbane will come in at 111 for auction, half of last week’s total. Adelaide will also witness a 51.1 per cent decrease in sales, with a predicted 86 to be auctioned.
Auction rates in Perth and Canberra will see more moderate reductions, with 14 homes for auction in Perth bringing it down from 19 last week, and 83 homes taking Canberra down 22.4 per cent. There are two homes for auction scheduled in Tasmania.
Looking forward to next week, auction activity is expected to quickly return to normal, with a combined total of 2,550 homes currently on the calendar as going under the hammer.
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