Auction numbers rise sharply across major cities as clearance rates soften
Auction volumes across Australia’s capital cities are set to increase this week, with 2,591 homes scheduled to go under the hammer, according to property data provider Cotality.
The figure marks a 32.3% rise from last week, when public holidays in half of the states and territories led to reduced activity.
Melbourne is expected to host 1,172 auctions, a marginal increase on the previous week’s 1,164. This time last year, 1,091 homes were auctioned in the city. Sydney’s auction market is also rebounding, with 1,055 auctions scheduled, up from 511 last week, which was affected by the Labour Day long weekend. In the same week last year, Sydney recorded 1,018 auctions.
Among the smaller capitals, Brisbane will see 131 homes auctioned, down from 148 last week. Canberra’s auction activity is set to rise to 109, compared to 57 the previous week. Adelaide is scheduled for 104 auctions, up from 65. Perth has 17 auctions planned, up from 13, while Tasmania will see three auctions after two weeks without any.
Caitlin Fono, research analyst at Cotality, said auction numbers are expected to climb further next week, with approximately 2,670 homes scheduled to go to auction across the combined capitals.
Last week, 1,958 homes were auctioned across the capital cities, compared to 1,735 the week before and 1,955 in the same period last year. The final clearance rate was 67.4%, the lowest since early August. The previous week’s clearance rate was 68.7%, while a year ago, 59.5% of auctions were successful.
In Melbourne, 1,164 auctions took place last week, up from 1,095 a year earlier. The previous week saw just 224 auctions due to the AFL Grand Final long weekend. The city’s clearance rate reached 66.5%, higher than the previous week’s 64.3% and last year’s 59.4%.
Sydney recorded 511 auctions last week, the lowest since the week after Easter. The reduced volume was attributed to the Labour Day holiday. The week prior, 1,164 auctions were held, while 524 were recorded in the same week last year. Sydney’s clearance rate was 68.3%, down from 70.2% the previous week. Last year, 57.6% of reported auctions were successful.
Brisbane led the smaller capitals with 148 auctions last week, followed by Adelaide with 65, Canberra with 57, and Perth with 13. Adelaide’s clearance rate was 78.5%, up from 74.4% the week before. Perth’s clearance rate was 76.9%, though volumes remained low. Canberra’s clearance rate rose to 68.4% from 64.7%. Brisbane’s clearance rate was 65.5%, up from 63.9%. Tasmania recorded no auctions for the second consecutive week.
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