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CoreLogic reports the largest volume of auctions held since the week prior to Easter 2022.
The auction market is thriving this week, with CoreLogic reporting that 3,470 homes across Australia’s eight capital cities will mark the largest volume of auctions held since the week prior to Easter 2022. It also indicates a resounding increase over last week’s 2,834 homes that went under the hammer.
CoreLogic noted that auction numbers have likely received a significant boost from stronger capital growth performance, propelled by higher auction clearance rates through the start of 2024, compared to market conditions observed in the final months of 2023.
Melbourne has once again taken the top spot with 1,679 homes scheduled for auction, which marks a 13.2 per cent increase on last week’s results. It’s also a 39.9 per cent increase compared to the week prior to Easter last year, and also sees it crowned as the busiest auction time since the week ending 29 October 2023.
Sydney notches out second place with 1,258 homes scheduled for auction, a monumental 44.1 per cent increase on last week’s results. It’s the busiest time for Sydney since the week prior to Easter 2022.
Across Australia’s smaller capital cities, Brisbane and Adelaide are expected to take the top two spots, seeing an increase in homes for auction compared to last week, with 238 and 177 homes expected to go under the hammer respectively.
Canberra, Perth and Tasmania have all seen auction expectations dwindle in comparison to last week’s, predicting 103, 14 and a single auction to take place respectively.
Last week, a total of 2,834 homes were taken to auction, resulting in a clearance rate of 66.7 per cent. While the final results showed a larger number of auctions, CoreLogic did note that clearance rates have been steadily declining across the month. Notably, this marked the lowest final clearance rate since the week ending 17 December 2023.
Looking ahead, CoreLogic reported that it expects auction volumes will drop quite dramatically next week due to the Easter long weekend. Just 900 capital city homes are currently scheduled for auction. While these projections mark an increase over the 652 homes auctioned in Easter 2023, the figures would still mark a slight decrease from Easter 2022’s result when 926 auctions were held.
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