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It’s off to a sizzling summer for the country’s auction market, with CoreLogic forecasting over 3,000 auctions to be held this week nationwide.
This week will see a predicted 3,041 homes go under the hammer across Australia’s combined capital cities, a 16.6 per cent rise compared to auction levels this time last year.
This auction week is predicted to come second only to the week ending 29 October, where Super Saturday pushed auction numbers to a season peak of 3,381.
Melbourne is predicted to be Australia’s busiest auction market, with 1,389 homes scheduled to go under the hammer – a 6.1 per cent bounce up from last week.
Sydney, the nation’s second busiest auction market, is set to see a more modest 0.6 per cent increase compared to auction rates the week prior, with 1,149 properties currently scheduled to go under the hammer. This marks a substantial 58.7 per cent gain on the city’s weekly auction average for 2023 of 724 homes.
Looking further afield, Adelaide is set to host the busiest auction market of the smaller capitals, with 190 homes currently set to be auctioned this week. Brisbane is predicting a drop of -11.1 per cent, down to 177 auctions, while Canberra expects to see 118 auctions in total.
Sixteen homes are set to go under the hammer in Perth, while Tasmania has two auctions scheduled this week, and Darwin has none.
CoreLogic economist Kaytlin Ezzy expects auction activity “to remain strong over the first few weeks of summer before easing over the festive season”.
She stated that “the coming weeks will be an important touchstone for how market conditions could play out in early 2024”.
Last week witnessed an easing in auction levels across Australia’s capital cities, with a total count of 2,949 homes. While auction numbers remain healthy, buyer demand has been declining, with the combined capitals recording the lowest clearance rate of the year to date: 56.4 per cent.
In Melbourne, 1,309 homes went under the hammer but only 57.7 per cent of them were sold at auction. The clearance rate was slightly steadier in Sydney, where 63.9 per cent of the 1,142 auctions ended in a sale.
Brisbane was last week’s busiest auction market, with 199 homes going under the hammer, followed by Adelaide with 156 auctions, Canberra with 122 and Perth with 18. Despite its low numbers, Perth saw the highest levels of vendor success, with a clearance rate of 77.8 per cent.
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