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The latest data paints a picture of a slower market over the calendar year, according to CoreLogic.
With early January typically the market’s leanest period of the year, 708 homes are set to go under the hammer this coming week courtesy of a 179.8 per cent increase on last week’s 253.
The Victorian capital’s 262 scheduled auctions denote it as the nation’s busiest city, a major increase on last week’s 71 but below the 394 that occurred during the same week last year when 2021’s momentum still seeped into the market.
Meanwhile, activity in Sydney is set to increase a whopping 267.9 per cent to 206 auctions for the week ahead — a figure in line with the 201 held over the year to date but lagging the same week last year’s levels (331) by 37.8 per cent.
Of the smaller capital cities, Adelaide is expected to be the busiest, with 104 auctions pencilled in for the week, a 60 per cent jump on last week’s levels but nearly half the 198 held during the same week last year.
Slightly trailing the South Australian capital is Brisbane. A 123.3 per cent activity increase has resulted in a projected 96 auctions to take place across the Queensland capital this week.
Meanwhile, 36 auctions are scheduled in Canberra for the week ahead. Perth is expecting three auctions, while just one is planned across Tasmania this week.
Weighing in, CoreLogic research director Tim Lawless explained that “when clearance rates start being reported again through late January and February, it’s likely we’ll see them recommence where they left off at the end of 2022, particularly in the larger auction cities of Sydney and Melbourne and to a lesser extent Canberra, where more listings go under the hammer”.
“We also anticipate at least one more rate hike, which means we’re likely to see fewer properties go to auction as vendors may not be willing to test the market, opting to hold their property off the market altogether or list via a private treaty campaign,” he concluded.
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