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CoreLogic is reporting that national auction volume is set to hold firm this week as a strong end to month awaits.
After last week saw national clearance rates hit their highest level in nearly six months from 1,815 auctions, this week that figure is expected to marginally decrease, with 1,810 homes expected to go under the hammer nationwide.
While this remains 38.4 per cent below levels recorded this time last year, auction activity is set to close October strongly, with 4,000 capital city auctions expected to take place across the last two weeks of the month.
Sydney is set to be the busiest capital city this week. The harbour city is likely to host 718 auctions across the week, a 5.4 per cent increase on the previous week’s 681, yet a 21.6 per cent decrease on the 916 seen during the same week last year.
The NSW capital concluded last week with a final clearance rate of 59.4 per cent, even with a 16.5 per cent withdrawal rate. The inner west was the city’s most successful subregion, with 71.7 per cent of its 60 auctions reported as successful.
After topping the volume charts last week, Melbourne drops to second place with 695 homes hitting the auction market this week, signifying a 6.5 per cent decline on the week prior’s 743 and almost half the 1,493 auctions taken to market during this period in 2021.
Finishing the week with a 62.2 per cent clearance rate, the sixth consecutive week where the 60 per cent barrier was broken, Melbourne’s strongest subregion was its north-west, which saw 70.6 per cent of its 68 auctions return a positive result.
Throughout the rest of the capital cities, another leapfrogging is expected to occur as Brisbane is forecast to overtake Adelaide as the busiest market this week, thanks to a 29.6 per cent volume increase culminating in 162 homes going under the hammer across the week.
Adelaide and Canberra are expecting activity to fall this week. The South Australian capital has 121 auctions scheduled, down 15.4 per cent from last week, while the national capital will host 92 auctions, 18.6 per cent less than one week earlier.
Activity in Perth is up by 10, with 21 auctions expected to occur across the city, while just one home is set to be auctioned off in Tasmania.
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