Sydney set for busy week; Melbourne's numbers drop
Auction activity across Australia’s combined capital cities is expected to decline this week, according to data and analytics provider Cotality, with 2,173 homes scheduled to go under the hammer – a decrease of 33% compared to the previous week.
The reduction in volume is largely attributed to the Melbourne Cup Carnival, as many in Victoria take advantage of the long weekend associated with the public holiday on Nov. 4.
Sydney is preparing for its second busiest auction week of the year, with 1,202 homes set to be auctioned. This is an increase from 957 auctions last week and 1,036 in the corresponding week last year.
In contrast, Melbourne will see a significant reduction in auction activity, with only 454 homes scheduled for auction as the city gears up for the horse racing carnival. Last week, Melbourne hosted 1,836 auctions – the highest weekly total since December 2021. At this time last year, 474 homes were auctioned in the city.
Among the smaller capitals, Brisbane is expected to be the most active market this week, with 215 auctions scheduled, up from 188 last week. Adelaide will see 149 auctions, compared to 144 previously, while Canberra has 132 auctions planned, up from 90. Perth will host 20 auctions, up from 17, and Tasmania is set for just one auction, down from four last week.
Auction volumes are forecast to rise next week, with approximately 3,200 homes expected to go under the hammer across the combined capitals.
Last week’s auction activity saw 3,236 homes taken to auction – the busiest week since March last year. The previous week recorded 2,626 auctions, while the same week last year saw 3,135 auctions in the capital cities.
The final clearance rate last week was 66.7%, a decrease of 60 basis points from the previous week’s 67.3%. This is the lowest clearance rate since the week ending June 22, when it was 65.3%. In the same week last year, the clearance rate across the combined capitals was 59.5%.
Melbourne recorded 1,836 auctions last week, the highest since December 2021. The previous week saw 1,142 auctions, and 1,675 were held in the same week last year. Melbourne’s clearance rate was 67.4% last week, up from 66.4% the week before and 62.3% a year ago.
Sydney saw 957 auctions last week, down from 1,079 the week prior and 981 in the same week last year. Sydney’s final clearance rate was 65.3%, a drop from 68.2% the previous week. This is the lowest clearance rate in Sydney since the week ending 8 June, when it was 58.1%. In the same week last year, 55.9% of reported auctions were successful.
Brisbane led the smaller capitals last week with 188 auctions, followed by Adelaide (144), Canberra (90), and Perth (17). Adelaide posted the highest clearance rate at 73.6%, slightly down from 74.7% the week before. Brisbane’s clearance rate was 65.4%, compared to 67.8% previously, while Canberra recorded 61.1%, nearly unchanged from 61.2%. Perth’s clearance rate was 58.8%, down from 64.3%, and Tasmania had four auctions, with two resulting in sales.
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