But market activity expected to rebound next week
Auction activity across Australia’s combined capital cities is set to remain subdued this week, with 1,961 homes scheduled to go under the hammer, according to according to property data firm Cotality.
The figure represents a modest increase from last week’s 1,735 auctions, as public holidays in New South Wales, the Australian Capital Territory, Queensland and South Australia continue to affect the number of properties offered.
Melbourne is expected to see 1,111 homes auctioned, a significant rise from the 224 auctions held during the previous week, when the AFL Grand Final long weekend led to a sharp decline in activity. At the same time last year, Melbourne recorded 1,095 auctions.
Sydney will host 557 auctions this week, down from 1,164 last week. In the corresponding week last year, 524 auctions were held in the city.
Among the smaller capitals, Brisbane is forecast to be the most active, with 148 homes scheduled for auction, consistent with last week’s volume. Adelaide will see 73 auctions, a slight decrease from 78 last week, while Canberra’s tally has fallen to 61 from 116. Perth is set for 11 auctions, up from five last week, and no auctions are scheduled in Tasmania.
“Auction activity is set to increase next week, with 2,586 homes currently scheduled to go under the hammer across the combined capitals,” said Caitlin Fono (pictured right), research analyst at Cotality.
Last week, 1,735 homes were auctioned in the combined capitals, a decrease from 2,638 the previous week and 1,836 in the same period last year. The reduction was largely due to Melbourne’s AFL Grand Final long weekend.
The final clearance rate last week was 68.7%, the lowest in seven weeks and down from 71.6% the previous week. In the same week last year, the clearance rate stood at 60.6%.
Melbourne saw just 224 auctions last week, compared to 1,311 the week before and 236 a year earlier. The city’s clearance rate was 64.3%, its lowest since late April, and a drop from 71.6% the previous week. At this time last year, 57.0% of reported auctions were successful.
Sydney recorded 1,164 auctions last week, its busiest period since the run-up to Easter. The previous week saw 915 auctions, while 1,199 were held in the same week last year. Sydney’s clearance rate was 70.2%, down from 71.7% the week before. Last year, 60.9% of reported auctions were successful.
Brisbane led the smaller capitals with 148 auctions, followed by Canberra with 116 and Adelaide with 78. Adelaide’s clearance rate was 74.4%, down from 82.1% the previous week. Canberra recorded a 64.7% clearance rate, down from 76%. Brisbane’s clearance rate rose to 63.9% from 61.9% the week before. Five auctions were held in Perth, with three resulting in sales. Tasmania recorded no auctions last week.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
