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Sydney looks set to host more auctions than any other city as activity rises across the country this week.
A 15.5 per cent volume increase means 1,527 capital city homes are set to go under the hammer in the coming week. Despite the week-on-week increase, this week’s predicted levels remain 36.4 per cent below the 2,401 homes auctioned off during the same period last year.
The harbour city looks likely to maintain its place as the busiest market with 642 homes scheduled for the week, up 51.4 per cent from the 424, yet down 27.5 per cent on the 886 held during the same week last year.
Last week, Sydney reported a final clearance rate of 65.6 per cent, its highest rate of successful results since 13 March 2022’s 67.1 per cent. After returning a preliminary clearance rate of 100 per cent, Blacktown remained the city’s most successful market, with 88 per cent of auctions returning a positive result.
Melbourne is set to host 561 auctions this coming week, up 35.8 per cent from the previous week’s results. Despite this rise, last week’s results sat 46 per cent below the same period last year, when over 1,000 homes went under the hammer.
The Victorian capital finished last week with a final clearance rate of 64.6 per cent, with the inner-east being the best-performing sub-region after 76 per cent of its 50 auctions returned a positive result.
Despite Sydney and Melbourne recording activity increases, Australia’s smaller capitals are expecting volume to decline this week.
Brisbane’s 106 scheduled auctions represent a 47 per cent decline on last week’s 200, Adelaide is firming up for 104 auctions after hosting 130 last week, and Canberra’s 100 homes pencilled in for the coming week indicate a 28.6 per cent drop in activity.
There are 12 homes scheduled for auction across Perth, down from last week’s 14, while in Tasmania, two auctions are scheduled this week.
