Auction activity is set to rebound this week after the Easter long weekend saw volumes plummet last week.
Across the combined capitals, 1,780 homes are set to go under the hammer this week, up significantly from the 652 auctions held last week but down -33.8% compared to the 2,687 held the week prior. This time last year, 926 capital city homes were auctioned over the busiest Easter on CoreLogic records.
Sydney is set to host the busiest auction market this week, with 733 homes scheduled for auction across the city. This week's expected auction activity is nearly double the 371 auctions held last week and is 52.7% higher than the 480 auctions held during the Easter period of 2022.
There are 723 homes scheduled to go under the hammer in Melbourne this week, up from the 108 auctions held last week and 196 held this week last year. Despite the rise, this week's expected auction activity is still -39.9% below the number of auctions held the week before Easter (1,202) when Melbourne held its busiest auction week since mid-December 2022 (1,226).
Adelaide is expecting the busiest auction week among the smaller capitals, with 121 homes scheduled for auction this week, up from 48 last week and 67 this time last year. In Canberra, 95 homes are set to go under the hammer, while 93 auctions are set to occur in Brisbane this week. In Perth, 13 homes are scheduled for auction this week, while two homes in Tasmania are set to go under the hammer.
After clearance rates dipped over Easter last week, this week will provide a timely test of the market to see if capital city clearance rates will hold within the 60-70% range, or if they will slip below the 60% mark, as auction markets cool in anticipation of the winter seasonal slowdown.
The complete Auction Market Preview for the week ending 16 April 2023 can be downloaded below.
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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