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With auction season already hitting the ground running, new CoreLogic data revealed it is expected to ramp up dramatically across seven of the eight capital cities.
For the week ending 18 February 2023, scheduled auctions across the combined capital cities are up 27.3 per cent to 2,091 from last week’s 1,642.
Numbers are also up on the same time period in 2023, when 1,846 homes went under the hammer.
Across all capital cities, Melbourne has the highest number of expected auctions, sitting at 966. That’s up 45.5 per cent from last week, when 664 homes went under the hammer. It’s also an increase on the 814 homes that were up for grabs over the same period in 2023.
Sydney is expecting 737 homes will go to auction this week. It’s a 13.9 per cent lift from last week when 647 homes went to auction, and 7.4 per cent higher than the same week last year.
Across the smaller capital cities, Brisbane is expectant of the most activity this week, reporting 167 auctions, up 10.6 per cent on last week’s 151 auctions.
Adelaide activity is forecast to climb 21.6 per cent with 135 auctions. Last week, the city reported a total of 111 auctions.
Meanwhile, Canberra is set to play host to 75 auctions, a 23 per cent increase from 61 homes going under the hammer last week.
Perth is expecting eight auctions, while Tasmania will play host to just three auctions over the week.
It comes off the back of the final auction results being released for the week ending 11 February.
The final clearance rate across the capital cities averaged at 70.3 per cent – the highest final clearance rate since the week ending 4 June 2023, when the combined capitals averaged 73.1 per cent.
Adelaide tops the chart, with a 78.4 per cent final clearance rate, beating out Sydney in second place with a 75.4 per cent final clearance rate.
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