Clearance rates also soften
Auction activity across Australia’s capital cities is set to decline this week, with 1,642 homes scheduled to go under the hammer – a 4% decrease from the previous week and 7.6% lower than the same period last year.
Melbourne is expected to see the highest number of auctions, with 746 homes listed, down from 786 last week and 834 a year ago. Sydney is scheduled for 608 auctions, a slight increase from 597 last week, but just below the 612 recorded at this time last year.
Among the smaller capitals, Brisbane’s auction numbers have dropped sharply to 130, a 30.5% fall from last week’s 187. Adelaide, by contrast, will see 94 auctions, up 17.5% from 80 last week. Canberra’s auction activity is also set to rise, with 56 homes scheduled, compared to 49 last week. Perth will host eight auctions, down from 11, while Tasmania will have no auctions for the second consecutive week.
“Auction activity is expected to fall further next week, with around 1,550 homes currently scheduled to go under the hammer across the combined capitals,” said Caitlin Fono (pictured), research analyst at Cotality.
Last week’s results showed 1,710 homes auctioned across the combined capitals, up from 1,561 the week before, but down from 1,975 in the same week last year. The overall clearance rate slipped for the first time in seven weeks, reaching 68.5%, compared to 69.4% previously. Despite the decline, it was the second-strongest auction week since mid-February last year.
Melbourne recorded 786 auctions last week, with a clearance rate of 69.9%, down from 71.1% the week prior. This time last year, the city saw 870 auctions and a 62.3% clearance rate.
Sydney’s 597 auctions last week resulted in a clearance rate of 66.6%, down from 69.4% the previous week and the lowest in six weeks. A year ago, Sydney’s clearance rate stood at 68.5% from 721 auctions.
Brisbane was the most active among the smaller capitals, with 187 auctions and a clearance rate of 72.2%, an increase from 64.9% the previous week. Canberra’s clearance rate rose to 67.3% from 60.7%, while Adelaide’s dropped to 62.5% from 72.1%. Perth saw 11 auctions, with seven successful (63.6%), and Tasmania had no auctions.
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