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Across the country, a 14 per cent week-on-week activity decrease is expected as the nation gears up for the ANZAC Day public holiday next Tuesday, according to CoreLogic.
The week ending 23 April 2023 should see 1,476 homes go under the hammer across Australia, down from 1,708 the previous week. Activity is expected to fall in every capital city bar Brisbane and Tasmania.
Melbourne looks set to be the busiest capital city market this week, with the Victorian capital expecting 633 auctions, down 11.3 per cent on the previous week and 8.8 per cent below the same week last year.
Last week, the city reported its highest clearance rate since mid-February 2022 (69 per cent), led by its outer east, where 80.7 per cent of the 57 auctions returned a positive result, marking it Melbourne’s most successful sub-region. Conversely, the Mornington Peninsula’s 44.4 per cent final clearance rate from 18 auctions was the city’s worst-performing sub-region.
Sydney, where activity is set to drop 10.5 per cent from last week, is ready to host 607 auctions this coming week.
Blacktown, where nearly 90 per cent (89.2 per cent) of the 37 auctions were successful, was the strongest-performing sub-region in the NSW capital, while the outer west and Blue Mountains, which recorded a 35.7 per cent clearance rate from 14 auctions, was the city’s weakest-performing sub-region.
Across the smaller capitals, Brisbane is expected to resist the decreased volumes experienced in the rest of the capital cities, with activity up 6.7 per cent to 95 auctions, while Adelaide is expecting half as many auctions (66) as last week. In the national capital, Canberra, a 30.1 per cent activity decline is set to culminate in 65 homes going under the hammer this week.
There are seven auctions scheduled to occur in Perth this week, while three homes in Tasmania are set to go under the hammer.
Casting an eye to next, CoreLogic reported that national auction activity may rebound with 1,800 homes currently scheduled for auction across the combined capitals.
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