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Nationally, activity is set to increase by more than double from the Easter long weekend lull, though this figure remains 33.8 per cent below pre-easter levels.
According to CoreLogic, across the country, 1,780 homes are set to go under the hammer this week, up from 652 last week, yet still remaining lower than the 2,687 held in the week ending 2 April 2023, the busiest seven-day auction period of the year.
Sydney is set to remain the busiest market this week, with 733 homes scheduled for auction across the NSW capital this week. Last week, Australia’s most populous city reported its lowest final clearance rate (64.6 per cent) since late January (62.3 per cent). Despite this, Sydney reported a slight withdrawal rate drop to 10.5 per cent.
In Melbourne, nearly seven times as many homes are expected to go under the hammer this week (723) when compared to one week prior (108), though these levels remain 39.9 per cent below the levels experienced the week before Easter, when 1,202 homes went to auction.
Last week, just over half (50.9 per cent) of the Victorian capital’s auctions returned a successful result, marking the poorest-performing week since September 2021 (43.8 per cent) when the city was still in lockdown.
Across the smaller capital cities, Adelaide is expected to be the busiest market, with 121 homes scheduled for auction this week, up from 48 over Easter, followed by Canberra (95, 50 more than last week), and Brisbane, where 93 homes are set to go under the hammer, up from 76 over the long weekend.
In Perth, 13 homes are scheduled for auction this week, while two Tasmanian homes are scheduled to go under the hammer.
Following a clearance rate dip over the Easter holiday period, CoreLogic expects the coming week to “provide a timely test of the market to see if capital city clearance rates will hold within the 60 per cent to 70 per cent range, or if they will slip below the 60 per cent market, as auction markets cool in anticipation of the winter seasonal slowdown.”
