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Following last week’s strong auction performance, which saw final clearance rates hit their highest level in over 12 months, CoreLogic reported that volumes are again set to rise this coming week.
The week ending 14 May will see 1,751 homes go under the hammer across the country, up 1.6 per cent of the previous week’s 1,274, according to CoreLogic. The research firm reported the seasonal slowdown typically experienced at this time of year has yet to take hold of the national market.
Melbourne looks set to remain the busiest capital city market this coming week with 724 homes scheduled for auction in the Victorian capital. Last week, the city recorded a final clearance rate of 69.9 per cent from 719 total auctions, with the city’s inner east, where 81.8 per cent of 77 auctions returned a positive result, marked as Melbourne’s strongest-performing sub-region.
In Sydney, a 2.3 per cent activity rise sets the city up for 654 auctions this coming week. Last week, the NSW capital returned its highest final clearance rate (73 per cent) since the week ending 13 February 2022.
The city and inner south, which hosted 67 auctions, 81.8 per cent of which returned a positive result, was the harbour city’s strongest-performing sub-region, while Baulkham Hills and the Hawkesbury, with a final clearance rate of 62.2 per cent from 37 total auctions, was the city’s worst-performing sub-region.
Across the smaller capital cities, auction levels are expected to hold steady, recording a 0.8 per cent increase on the previous week. With 134 auctions scheduled, Brisbane will be the busiest, followed by Adelaide (123), and Canberra (98).
Perth has 12 homes scheduled for auction this week, while two properties are currently set to go under the hammer in Tasmania.
According to CoreLogic, capital city auction activity is expected to rise over the coming weeks, with around 1,950 auctions pencilled in for next week, followed by 1,900 in the final week of May, further highlighting the current slowdown defiance exhibited by the market.
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