Auction activity slows in Victoria while Sydney sees a surge
Auction volumes across Australia’s capital cities are expected to decline by nearly 30% this week, as Victoria’s long weekend and the AFL grand final coincide.
According to the latest data from Cotality, a total of 1,851 properties are scheduled for auction in the capitals, down from 2,638 the previous week, but similar to the 1,836 auctions held during the same period last year.
Melbourne is set for a significant reduction in auction numbers, with only 197 auctions planned. Last week, the city recorded 1,311 auctions, its highest weekly total since early June. In comparison, 236 homes went to auction in Melbourne at this time last year.
Sydney, on the other hand, is preparing for its busiest auction week since mid-April, with 1,269 homes set to go under the hammer. This marks a notable increase from the 915 auctions held last week and is slightly higher than the 1,199 auctions recorded a year ago.
Among the smaller capitals, auction activity is expected to decrease in Adelaide and Brisbane, by 22.8% and 2.9% respectively. Canberra is forecast to see a 15.4% rise in auctions, its busiest week since early February, with 120 auctions set.
Despite the overall decline, Brisbane will remain the most active auction market among the smaller capitals, with 166 auctions scheduled, followed by Adelaide with 95. Perth will see just four properties auctioned, while no auctions are scheduled in Tasmania.
Last week’s results showed the combined capitals hosting their busiest auction week since early June, with 2,638 properties going to auction. The previous week saw 2,402 auctions, while 2,781 auctions were held during the same week last year.
The final clearance rate reached 71.6%, the highest since early June 2023, and marked the third time in five weeks that the rate exceeded 70%. The previous week’s clearance rate was 69.0%, and 60.7% of auctions were successful a year ago.
In Melbourne, both auction volumes and clearance rates were at their highest since early June. Of the 1,311 auctions held last week, 71.6% resulted in a sale. The previous week saw 1,240 auctions with a 69.5% clearance rate, while 59.5% of the 1,335 auctions held a year ago were successful.
Sydney recorded 915 auctions last week, a 10.4% increase from the previous week but 9.3% lower than the same period last year. The city’s final clearance rate rose to 71.7%, up from 68.2% the week before. A year ago, 61.6% of Sydney auctions were successful.
Looking ahead, auction numbers are likely to remain below 2,000 next week. The impact of long weekends in New South Wales, the ACT, Queensland, and South Australia is expected to offset a potential rebound in Melbourne’s auction activity.
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