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CoreLogic is expecting national activity levels to slightly increase this week, led by a major activity boost in the Victorian capital.
Across the combined capital cities, 1,941 homes are set to go under the hammer Australia-wide, representing a 1 per cent increase on the 1,921 a week earlier. Melbourne, which experienced a Melbourne Cup-induced lull last week, is the only capital to report a volume increase as scheduled activity volumes across the country track 41 per cent higher than the same week last year.
The Victorian capital will host 30.2 per cent more auctions than the 602 held on the eve of the Cup, with 784 homes to go under the hammer this coming week. Despite this representing a week-on-week rise, predicted activity remains 43.9 per cent lower than the same week in 2021.
Melbourne concluded last week with a final clearance rate of 60.9 per cent, led by its outer-east subregion, which recorded a 73.5 per cent success rate from 49 total auctions. Conversely, with a final clearance rate of 48.1 per cent, Melbourne’s west was its worst-performing subregion despite hosting the fourth-most auctions (77).
A 1.1 per cent activity decrease means Sydney hosts 743 auctions this coming week. The harbour city concluded last week with a final clearance rate of 61 per cent. The city’s south-west region saw 69.8 per cent of its 43 auctions return a successful result, marking it as Sydney’s strongest-performing subregion, whereas the outer west and Blue Mountains’ 33.3 per cent final clearance rate from 15 auctions ranked it as its worst-performing region.
Adelaide overtakes Brisbane as the busiest of the smallest capital cities this week. The South Australian capital is set to host 155 auctions this coming week, the exact same amount as it reported last week.
As a result of a week-on-week decrease of 41.2 per cent and an activity drop of 50.6 per cent from the same week last year, Brisbane will host 130 auctions in the coming week, as opposed to 229 held last week.
Canberra’s activity is also set to drop, down 30.9 per cent from last week’s 162 auctions, with 112 forecast for the coming week. Perth is also reporting volume declines from 29 last week to 17 in the week ahead. Meanwhile, there are no auctions scheduled for Tasmania this coming week.
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