With 4,086 capital city homes set to go under the hammer, this week is set to be the busiest auction week of the year to date, and the fifth busiest since CoreLogic records commenced in 2008.
With 4,086 capital city homes set to go under the hammer, this week is set to be the busiest auction week of the year to date, and the fifth busiest since CoreLogic records commenced in 2008. Up 27.3% from the week prior, when 3,209 homes were auctioned, this week marks the fifth time expected city capital city auction volumes have exceeded 4,000. This week's volumes are up 85.8% compared to the number of auctions held this time last year (2,199), where low volumes resulted off the back of the Easter Break. With the exception of Brisbane and Perth, all of the capitals are expected to host the busiest week of the year to date.
Melbourne is scheduled to host 1,768 auctions this week, up 17.8% from the 1,501 auctions held last week. This week is expected to overtake the week ending 27 March (1,626) as Melbourne’s busiest week of the year to date. Compared to this time last year (1,059), this week’s auction volumes are up 66.9%.
Across Sydney, 1,554 homes are scheduled for auction this week, up 36.8% from the 1,136 that occurred last week. This week is predicted to overtake the week ending 27 February (1,202) as Sydney’s busiest auction week of the year, and it's fourth busiest week on record. This week’s expected volumes are just 237 auctions shy of the record volumes recorded in mid-December 2021 (1,791). This time last year 821 auctions were held across Sydney.
Across the smaller capitals, scheduled auction activity is up 33.6% this week, with both Canberra and Adelaide expecting the busiest week of the year to date. Adelaide (302) is set to host the most auctions amongst the smaller capitals, with scheduled auction volumes expected to exceed 300 for the first time this year, while Brisbane is set to take 230 homes under the hammer this week. Canberra’s expected auction activity is up 36.4% compared to the week prior, with 206 homes scheduled for auction. 22 auctions are scheduled to occur in Perth this week, while four auctions are expected to occur across Tasmania.
Summary of last week's results
Clearance rates held as the combined capitals recorded its third busiest week of the year to date. With 3,209 auctions held across the combined capitals, last week's auction activity was down -5.0% from the week prior (3,377) when the capital's held its second busiest week of the year. The clearance rate held steady last week with 66.8% of auctions held returning a successful result. This is the first time in six weeks that the combined capital's final clearance rate has not recorded a fall week on week. This week last year coincided with the Easter long weekend slowdown, where 77.1% of the 845 auctions held that week were successful.
Melbourne hosted the most auctions last week, with 1,501 homes taken to auction. Compared to the week prior, when 1,626 auctions were held, last week’s auction activity was down -7.7%. Melbourne recorded a small rise in its clearance rate with 67.0% of auctions recording a successful result, up from 64.0% the previous week. Melbourne hosted 211 auctions this time last year, 73.5% of which were successful.
Sydney was the only capital not to record a decrease in auction activity last week, with 1,136 homes auctions across the city. This is up 2.9% from the week prior, when 1,104 auctions were held, and makes last week Sydney’s second busiest auction week of the year so far. Sydney’s clearance rate recorded a 20-basis point decline last week, from 64.0% to 63.8%. This time last year 82.0% of the 404 auctions held were successful.
Auction activity fell across all of the smaller capitals last week after Brisbane and Adelaide recorded their busiest week of the year the week prior. Down -14.4% from the previous week, Brisbane maintained its position as the busiest auction market amongst the smaller capitals, taking 208 homes to auction last week, 65.9% of which were successful. Adelaide’s clearance rate rose 3.6 percentage points compared to the week prior (75.4%) with 79.1% of the 196 auctions held recording a successful result. Canberra’s clearance rate recorded a small increase, from 72.9% to 73.3%. Across Peth, 11 of the 17 auctions held were successful, while no auctions were held in Tasmania last week.
Meet Kaytlin Ezzy
Economist
As an economist, Kaytlin is a key member within CoreLogic’s research team. Highly efficient and flexible, she specialises in collating large and customised data sets, data visualisation and residential data reports.
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