But next week expected to be busiest since Easter 2024
Auction activity across Australia’s combined capital cities is set to ease this week, with 3,008 homes scheduled to go under the hammer.
This follows last week’s tally of 3,204 auctions, the second highest so far this year. Despite the week-on-week decrease of 6.1%, the number of auctions remains 13.9% higher than the same period last year, when 2,640 homes were offered.
Sydney is expected to see 1,217 auctions, a marginal drop from last week’s 1,234, but 22.4% higher than the 994 auctions recorded a year ago. Melbourne will host 1,322 auctions, down from 1,451 last week, but up from 1,161 in the corresponding week last year.
Among the smaller capitals, auction numbers have mostly declined compared to last week, except in Perth. Brisbane is forecast to be the busiest of these markets, with 179 auctions scheduled, down from 214 last week.
Adelaide will see 148 auctions, compared to 156 previously, and Canberra is set for 126, down from 138. Perth is the exception, with 16 auctions scheduled, up from 11 last week. Tasmania will again see no auctions for the second consecutive week.
Next week to be a blinder
Looking ahead, next week is projected to be the most active auction week since Easter last year, with just under 3,450 auctions currently scheduled across the combined capitals.
Last week’s figures show 3,204 homes were auctioned across the combined capitals, surpassing the previous week’s 3,068 and marking the second busiest week of the year. In the same week last year, 2,898 homes were auctioned.
The final clearance rate fell to 63.1% last week, the lowest since early June, when it was 60.7%. The previous week’s clearance rate was 65.9%, while 57.3% of auctions were successful in the same week last year.
Melbourne recorded 1,451 auctions last week, its third busiest week of 2024. The city’s clearance rate was 63.4%, down from 65.9% the previous week, but above the 56.9% recorded a year ago.
Sydney saw 1,234 auctions, the second busiest week of the year for the city. The clearance rate was 62.1%, the lowest since early June, compared to 57.9% in the same week last year.
Across the smaller capitals, Adelaide achieved the highest clearance rate at 72.4%, down from 75.4% the previous week. Brisbane’s clearance rate was 65.0%, compared to 69.9% previously, while Canberra’s was 56.5%, down from 61.8%. Perth recorded a clearance rate of 54.5%, a decrease from 75.0% a week earlier.
Brisbane led the smaller capitals with 214 auctions last week. Adelaide had its busiest week of the year, with 156 homes auctioned, up from 130 the previous week.
Canberra saw 138 auctions, the highest since mid-December 2023. Perth held 11 auctions, down from 16, and Tasmania recorded no auctions after three the previous week.
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