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This week will see Sydney host its busiest auction market in 18 months, while the Melbourne Cup will see auction activity in its host city sink to scant levels.
The latest CoreLogic data has revealed that Melbourne auction activity will finally play second fiddle, as Sydney gets ready to take over for the week ending 5 November 2023. The harbour city will see 1,161 homes go under the hammer this week, the largest total since April last year.
Down in Victoria, the Melbourne Cup will take centre stage, causing auction activity to plummet, with just 457 homes currently scheduled for auction.
Compared to last week’s record-breaking total of 1,725 auctions, this marks a massive drop to less than a third of last week’s total volume, and will mark the first time in several months that Melbourne’s strong auction market drops to second place.
Like Sydney, Adelaide is expecting its busiest auction week so far this year, with 179 homes up for auction – a 5.9 per cent improvement from last week. Things are looking less hopeful in Brisbane, where a total of just 140 scheduled auctions will see auction levels in the Queensland capital drop by -40.2 per cent compared to last week.
Canberra is also prophesying a drop, with a total of 145 scheduled auctions giving the capital a slight edge over Brisbane. Perth is set to see 19 auctions, while Tasmania has four auctions on the books.
This week’s forecast marks a noticeable downturn in pace compared to the highs of last week, with Australia witnessing a massive 2,690 auctions on Saturday alone.
CoreLogic had dubbed the day “Super Saturday”, having seen a 37.4 per cent jump in activity, and a total 3,383 homes went under the hammer. It was also the first time auction numbers had pushed above the 3,000 mark since May 2022.
However, with the clearance rate at its lowest since April and the number of properties passed in at auction the highest in almost seven months, the week ending 29 October was not without its low points.
This week’s numbers reaffirm the prediction that this year’s spring peak has now been and gone – an expectation previously outlined by CoreLogic.
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