Nearly 2,000 homes set to go under the hammer
Auction volumes in Australia’s capital cities are expected to rise by 25% this week, with 1,984 homes scheduled to go under the hammer – the highest figure recorded in seven weeks.
This marks a significant increase from last week’s 1,587 auctions, though it remains slightly below the 2,065 auctions held during the same period last year.
Melbourne is expected to see the most activity, with 919 auctions planned, up from 742 last week and 884 at this time last year. Sydney follows with 757 homes set for auction, representing a 36.2% increase from last week’s 556 auctions and nearly matching last year’s 756.
Cotality’s auction market preview also forecasts auction numbers to rise in most smaller capitals. Brisbane will see 136 homes go to auction, up from 124 last week. Adelaide is set for 105 auctions, compared to 99 previously. In contrast, Canberra’s numbers are expected to fall slightly, with 55 auctions scheduled, down from 57. Perth will see 11 homes auctioned, up from nine, while Tasmania will have its first auction in three weeks.
“Auction activity is expected to rise further next week, with around 2,040 homes currently scheduled to go under the hammer across the combined capitals,” said Caitlin Fono, research analyst at Cotality.
Last week’s results showed 1,587 auctions held across the combined capitals, a marginal 0.8% increase from the previous week’s 1,575, but 16.1% lower than the 1,891 recorded a year ago. The combined capital city clearance rate improved to 68.7%, up from 67.1% the week before. At the same time last year, the clearance rate was 63.5%.
Melbourne hosted 742 auctions last week, slightly up from 730 the week prior but down from 897 a year earlier. The city’s clearance rate rose to 68.6%, compared to 65.3% the previous week and 62.3% last year.
Sydney saw 556 auctions last week, a decrease from 571 the previous week and 645 a year ago. The city’s clearance rate remained above 70% for the second consecutive week, reaching 70.5%. The previous week’s rate was 70.2%, while last year’s figure was 61.2%.
Among the smaller capitals, Brisbane led with 124 auctions, followed by Adelaide with 99 and Canberra with 57. Canberra recorded a clearance rate of 75.4%, its highest in over three years. Adelaide’s clearance rate climbed to 70.7%, while Brisbane’s dropped to 58.9%. Perth held nine auctions, with three resulting in sales, and Tasmania reported no auctions for the third consecutive week.
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