Major capitals prepare for busiest weeks since December as volumes climb
Auction numbers across the combined capitals are set to lift this week, with figures from Cotality showing 2,803 homes scheduled to go under the hammer – an increase of 39.9% on last week’s 2,004 auctions and slightly above the 2,751 recorded in the same week a year ago.
Forward schedules indicate that more than 3,400 auctions are currently booked across the capitals for next week.
In Sydney, volumes are poised to exceed 1,000 for the first time since early December. There are 1,098 auctions planned for this week, up 42.2% on the 772 held last week and 19.1% higher than the 922 auctions conducted over the equivalent week last year.
Melbourne is slated to host 1,254 auctions this week, a 50% rise on last week’s 836. However, activity remains 12.7% below the 1,437 auctions held over the same period last year. Even so, this will be the city’s busiest auction week since mid-December, when 1,466 homes went to auction.
Among the smaller capital cities, Brisbane is set to record the highest level of activity, with 162 homes due to be auctioned, up from 151 a week earlier. Adelaide has 142 auctions scheduled, compared with 126 last week, while Canberra is expecting 129 auctions, rising from 96. Perth is the only capital where volumes are easing, with 14 auctions currently listed versus 20 last week. Tasmania has four auctions scheduled, up from three.
Source: Cotality
Auction volumes last week climbed above 2,000 for the first time this year, with 2,004 homes taken to auction across the combined capitals. That compares with 1,584 auctions the previous week and 1,907 over the same week in the prior year.
The preliminary combined capital clearance rate was 63.3%, down from 66.1% the previous week and slightly below the 63.8% recorded one year earlier.
Melbourne hosted 836 auctions last week, up from 627 the week before. The increase in stock coincided with the city’s clearance rate slipping below 60%, coming in at 59.7% versus 60.1% a week earlier. In the comparable week last year, there were 815 auctions with a reported clearance rate of 63.7%.
In Sydney, 772 homes went to auction last week, compared with 603 the previous week and 767 a year ago. The city’s clearance rate eased to 64.1%, following a 70.8% result the week prior, which had been the strongest outcome since September. One year earlier, 67.2% of auctions were reported as successful.
Outside Sydney and Melbourne, clearance rates generally improved week on week, with one notable exception. Adelaide recorded the highest clearance rate of any capital at 75.4%, though that was down from 78.0% in the previous week. Perth’s clearance rate rose to 70.0% from 66.7%, while Brisbane’s increased to 68.9% from 67.9%. Canberra’s clearance rate lifted to 62.5%, up from 58.7% a week earlier. In Tasmania, one of the three auctions held last week resulted in a sale.
Brisbane remained the most active of the smaller auction markets last week, with 151 homes taken to auction, up from 131 the week before. Adelaide saw 126 auctions, compared with 118 previously, while Canberra hosted 96 auctions, up from 92. Perth’s auction numbers rose to 20 from 12 over the prior 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.
