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Across the country, auction activity is set to ease slightly this coming week, though CoreLogic says spring selling season has hardly wilted.
The week ending 15 October 2023 will see 2,371 homes go under the hammer across the country, down 3.1 per cent on the previous week’s 2,446, according to CoreLogic. Despite the dip the research firm shared this activity is 36.2 per cent higher than this time last year, when weaker selling conditions saw 1,741 homes go under the hammer.
Even with a 10.4 per cent activity reduction, Melbourne is set to remain the nation’s busiest auction market with 1,032 pencilled in for the week ahead. Last week, the city’s busiest since Easter saw 66.9 per cent of the 1,152 homes auctioned off end in success.
The city’s inner south was its strongest performing subregion after it recorded a final clearance rate of 73.4 per cent from 170 auctions, while the Mornington Peninsula, where just over half the 29 auctions reported a positive result, was Melbourne’s poorest performing subregion.
Unlike its southern neighbour, activity in Sydney is expected to rise 6.5 per cent this week, culminating in 981 homes scheduled for auction. Last week, 65.9 per cent of the NSW capital’s 921 auctions ended successfully.
In the city’s strongest performing subregion, the eastern suburbs, 75.9 per cent of the 83 auctions reported a positive result, whereas the outer west and Blue Mountains, which registered a final clearance rate of 42.3 per cent from 26 auctions, was the city’s poorest performing subregion.
Across the smaller capital cities, Adelaide looks likely to be the busiest market with 124 auctions scheduled for the coming week, followed by Brisbane’s 119, and Canberra’s 102. Perth is set to host 12 auctions, in line with last week, with just one auction scheduled for Tasmania.
CoreLogic is predicting activity to continue trending higher in the coming weeks, beginning with the 2,500 scheduled for next week.
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