Auction activity reaches highest level since early 2024
Auction activity across Australia’s combined capital cities is set to reach its highest point since the lead-up to Easter last year, with over 3,200 homes scheduled to go under the hammer this week.
According to property data firm Cotality, the week’s auction volume marks a significant increase from last week’s 2,626 and slightly surpasses the 3,135 held during the same week in 2024.
“There are currently 3,237 homes scheduled for auction across the combined capitals this week, marking the busiest week since the lead up to Easter last year (3,519),” said Caitlin Fono (pictured top), research analyst at Cotality.
Melbourne is expected to account for more than half of this week’s activity, with 1,719 homes listed for auction. This is Melbourne’s busiest week since just before Easter 2024, with numbers up 50.5% on last week and 2.6% higher than this time last year.
Sydney will see 1,043 homes auctioned, a decrease of 3.3% from last week but 6.3% higher than the same period in 2023.
Among the smaller capitals, Brisbane is set for 189 auctions, down from 200 last week. Adelaide is preparing for its most active auction week since this time last year, with 174 homes scheduled, up from 88 the previous week. Canberra will see 90 auctions, a drop from 103 last week, while Perth’s numbers have risen to 18 from 14. Tasmania has four auctions scheduled.
Next week, auction volumes are expected to decline, with approximately 2,180 homes set for auction across the combined capitals. “The lower volume can be attributed to the Melbourne Cup Carnival which kicks off on Saturday, Nov. 1, with fewer than 500 homes currently scheduled for auction across the city,” Fono said.
Last week’s results showed 2,626 homes taken to auction across the combined capitals, up from 2,587 the previous week and 2,541 a year ago. The final clearance rate was 67.3%, a decrease of 90 basis points from the previous week’s 68.2%.
Melbourne recorded 1,142 auctions last week, down from 1,249 the previous week but higher than the 1,098 held a year earlier. Sydney saw 1,079 auctions last week, up from 988 the week before and 974 a year ago.
Brisbane led the smaller capitals with 200 auctions last week, followed by Canberra (103), Adelaide (88), and Perth (14). Adelaide posted the highest clearance rate at 74.7%, down from 77.1% the previous week.
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