Market prepares for one of the busiest auction weeks this year
Auction volumes across Australia’s combined capital cities are set to reach their highest point since early June, with 2,708 homes scheduled to go under the hammer this week, marking the sixth busiest week for auctions so far this year.
The figure, published by data and analytics provider Cotality, represents an increase from 2,587 auctions held last week and 2,541 during the same period last year.
Melbourne is expected to see 1,109 properties auctioned, a decrease of 11.2% compared to last week’s 1,249, but slightly above the 1,098 recorded a year ago. In Sydney, 1,167 auctions are scheduled, which would make this the city’s second busiest week of the year if all proceed. This is an 18.1% rise from last week’s 988 and a 19.8% increase on the 974 auctions held in the corresponding week last year.
Among the smaller capitals, Brisbane is set for the most activity, with 205 homes due for auction, up from 127 the previous week. Adelaide has 108 auctions scheduled, compared to 96 last week. Canberra’s 106 auctions match the previous week’s total. Perth will see 13 auctions, down from 18, while Tasmania has no auctions scheduled.
“Next week is gearing up to be the busiest week of the year, with 3,220 homes currently scheduled for auction across the combined capitals, 1,732 of which are in Melbourne,” said Caitlin Fono (pictured right), research analyst at Cotality.
Last week, 2,587 homes were auctioned across the combined capitals, up from 1,958 the week before but slightly below the 2,598 recorded a year earlier. The final clearance rate reached 68.2%, following a recent low of 67.4%. At the same time last year, the clearance rate stood at 60.8%.
Melbourne held 1,249 auctions last week, up from 1,164 the previous week and 1,091 a year ago. The city’s clearance rate was 68.6%, the highest in three weeks. The previous week’s rate was 66.5%, while 57.6% of auctions were successful in the same week last year.
Sydney saw 988 auctions last week, a significant increase from 511 during the Labour Day long weekend. This was slightly below the 1,018 auctions held a year ago. Sydney’s clearance rate was 68.2%, little changed from the previous week’s 68.3%. A year ago, 63% of auctions were successful.
Brisbane led the smaller capitals with 127 auctions last week, followed by Canberra (106), Adelaide (96), and Perth (18). Adelaide achieved the highest clearance rate at 77.1%, down from 78.5% the week before. Brisbane’s clearance rate rose to 66.1%, while Canberra recorded its lowest in seven weeks at 60.4%. Perth’s clearance rate was 61.1%, down from 76.9%, though low volumes contribute to volatility. Tasmania held three auctions last week, all of which were unsuccessful.
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