Powered by MOMENTUM MEDIA
realestatebusiness logo
Home of the REB Top 100 Agents

Nation braces for blockbuster auction week

By Orana Durney-Benson
08 December 2023 | 10 minute read
sydney adelaide reb xrnzil

With 3,186 homes scheduled for auction, this week is forecast to be Australia’s second-busiest auction week of 2023.

Auction activity in the nation’s combined capital cities is expected to jump up 7.5 per cent from last week, as the real estate industry gets set for a hectic auction weekend, according to data from CoreLogic.

Sydney and Adelaide are both predicted to break 2023 records for total auction numbers, beating the cities’ spring highs.

In Sydney, auction numbers will rise 6.3 per cent over last week’s figures to a total of 1,149 homes, a substantial increase on the 964 properties that went under the hammer this time last year. Down in Adelaide, 194 homes are scheduled to go to auction, narrowly beating last week’s total of 190 as the busiest week of the year to date.

Despite these highs in both Sydney and Adelaide, Melbourne is set to be Australia’s busiest auction market, with a total of 1,462 auctions currently in the books. This represents a 6.3 per cent jump from last week’s numbers, and a significant 19.2 per cent rise over this time last year.

Brisbane is preparing to host the busiest auction week of the smaller capital cities, with 220 scheduled auctions, while Canberra is slated to see 140 homes go under the hammer.

Perth is expecting to see 21 homes go to auction.

The strong outlook for this week’s auction market builds on the momentum from the week prior, which saw 2,963 homes hit the block.

In the week ending 3 December, the clearance rate continued its downward trend, with only 57.8 per cent of auctions resulting in a sale.

In Melbourne, 58.4 per cent of auctions yielded a successful result last week, while Sydney recorded a slightly stronger clearance rate of 62.5 per cent.

Last week, Sydney also recorded its highest withdrawal rate of 2023, with 15.7 per cent of its 1,081 auctions ending in withdrawal, and 21.7 per cent being passed in at auction.

The only city to record a clearance rate above 70 was Adelaide, which had a final clearance rate of 70.5 per cent.

Next week, CoreLogic forecasts auction activity to ease slightly as Australia begins to slow down for the festive season.

Nation braces for blockbuster auction week
sydney adelaide reb xrnzil
lawyersweekly logo
You need to be a member to post comments. Become a member for free today!

Comments powered by CComment

Do you have an industry update?