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CoreLogic reports that auction volume is set for recovery following on from the Easter period.
The auction market is set to experience an increase in activity after the Easter lull, when a total 901 homes went under the hammer, with Corelogic revealing that 2,057 capital city homes are currently scheduled for auction across Australia’s capital cities over the week ending 7 April 2024.
Sydney has maintained its lead coming off the back of the long weekend, set to be the busiest auction market this week, with 942 homes scheduled to go under the hammer. It’s a 127.5 per cent increase compared to last week, and a 153.9 increase on this time last year.
Melbourne has also made a strong return to action with 811 homes scheduled for auction, a 186.6 per cent increase over last week and a whopping 650.9 per cent increase over this time last year.
Across Australia’s smaller capital cities, Brisbane and Adelaide are expected to once again take the top spots with 119 and 113 homes slated for auction respectively.
Canberra and Perth currently have 63 and eight properties scheduled for auction, while a single auction has been pencilled in for Tasmania.
The uptick in activity is set to be maintained over the coming week, with CoreLogic reporting an early view of auction volumes for the week ending 14 April as remaining strong. The research firm is predicting just under 2,000 homes will be up for grabs across the combined capitals.
The latest auction expectations from CoreLogic come as the final clearance rates were tallied for the last week of March, which saw a continuation of the downward trend in auction success rates.
For the week ending 31 March 2024, the combined capitals saw a final clearance rate of 64.8 per cent. It’s the lowest final clearance rate seen since the week ending 17 December 2023.
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