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Australia gets set for second busiest auction week this year

By Orana Durney-Benson
17 November 2023 | 11 minute read
sydney suburbs lw

Auction numbers in the country’s capital cities are expected to pass 3,000 for just the second time this year, according to CoreLogic.

Across Australia, 3,133 homes are scheduled to go to auction by the end of this week, setting the country up for an 18 per cent gain on the week prior.

Sydney is expected to witness its busiest auction week of the year to date, with a total of 1,169 properties currently set to go under the hammer. This week’s scheduled numbers represent a massive 50 per cent rise compared to this time last year, when weaker selling conditions saw only 778 homes go to auction.

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Melbourne is preparing for a 22.3 per cent rise this week, bringing the Victorian capital’s weekly auction total to 1,444. Despite these healthy numbers, this week’s preliminary total still falls -16.3 per cent short of the Melbourne auction numbers for the Super Saturday week seen in October.

Brisbane is tipped to be the busiest auction market of the smaller capital cities, with 203 auctions currently on the books. Like Sydney, Adelaide is expecting to see its highest auction levels of the year, with 188 homes scheduled to go under the hammer.

Tasmania is also expecting a boost in auction numbers, bringing the island state to a total of five auctions.

The only markets expected to see a decline are Canberra and Perth, which will see 110 and 14 homes respectively go under the hammer.

Last week, Melbourne led the way as Australia’s capitals experienced a rebound in auction numbers. Overall clearance rates dipped slightly from the previous week to 63.8 per cent.

Melbourne hosted its third busiest auction week of the year, after experiencing a lull the previous week, while the city got ready for the Spring Racing Carnival. Clearance rates in Melbourne also experienced a boost, with 57.7 per cent of auctions ending with a sale in the week ending 12 November.

In Sydney, 1,020 homes went under the hammer last week, the second week in a row that levels declined, though auction numbers still held above the 1,000 mark. With 64.2 per cent of auctions finishing with a sale, Sydney’s clearance rate dropped slightly compared to the week before, and the percentage of properties withdrawn at auction increased.

Last week saw 150 homes auctioned in Brisbane, 128 in Canberra, 158 in Adelaide, 16 in Perth and three in Tasmania, and clearance rates across the smaller capitals were on the decline.

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