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An increase in the number of homes going under the hammer across the country is set to rise again this week, marking a continuation of the winter-defying results defining previous weeks.
According to CoreLogic, the week ending 21 May 2023 is expected to hold 15.1 per cent more auctions than the week prior, with 1,948 homes set to go under the hammer across the country.
Melbourne is expected to remain the busiest auction market this week, with 842 auctions pencilled in for auction across the city this week, which represents a 13.2 per cent week-on-week increase.
After last week marked the fifth consecutive week in which the Victorian capital recorded a preliminary clearance rate exceeding 70 per cent, the city ended the week with a final clearance rate of 70.4 per cent. Melbourne’s north-east, where 80.9 per cent of the 90 auctions ended successfully, was the city’s strongest-performing sub-region.
In Sydney, 790 homes are scheduled to go under the hammer this week, up 21.5 per cent from last week. The previous week was the ninth consecutive week the NSW capital recorded a preliminary clearance rate above 70 per cent (76.2 per cent) which revised to 72.3 per cent at final reporting. Sydney also registered an increase in withdrawal rate and the portion of properties passed in.
With an 80 per cent final clearance rate from 55 auctions, the city’s eastern suburbs were its strongest-performing sub-region.
Across the smaller capital cities, activity is expected to climb slightly, with over 316 scheduled for the remaining capital cities. Brisbane is firming up to be the busiest with 124, up six from last week, followed by Adelaide’s 103, courtesy of a 33.8 per cent rise, and Canberra (71). Activity in the national capital is set to fall by 15.5 per cent
In Perth, 18 homes are scheduled to go under the hammer this week, while no homes are set to head to auction in Tasmania.
CoreLogic is reporting that the strong winter performance of the nation’s auction market is set to continue next week with 1,950 currently scheduled.
