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Despite temperatures dropping across the country, Australia’s auction volume has increased closer to 2,000, according to CoreLogic.
Australia can expect 1,975 homes to head to auction in the week ending 28 May 2023, marking a 2.8 per cent increase on the previous week. Last week, 70 per cent of the nation’s 1,921 auctions ended successfully.
Melbourne looks set to host the most auctions this coming week, with 878 scheduled to go under the hammer. This represents a 2.5 per cent rise from last week, when the Victorian capital recorded a 69.6 per cent final clearance rate from 857 auctions.
The city’s inner east, where 85.2 per cent of the 122 auctions returned a positive result, was Melbourne’s strongest-performing sub-region, while its west sub-region, which mustered a 52.9 per cent final clearance rate from 85 total auctions, was its poorest performer.
In Sydney, 745 homes are set to go under the hammer, down two auctions from the previous week, when the city ended up reporting a 72.1 per cent final clearance rate from 747 auctions.
Ryde and the Baulkham Hills and Hawkesbury sub-regions were the joint most successful sub-regions in the NSW capital after both reported an 87.5 per cent final clearance rate from 35 and 37 auctions, respectively. On the flip side, Sutherland, where 67.4 per cent of the 50 auctions were successful, was the city’s poorest-performing sub-region.
Across the smaller capital cities, Brisbane is set to be the busiest capital, with 144 homes pencilled in for auction this coming week, representing an 18 per cent rise, followed by Adelaide’s 117 (up 11.4 per cent), and Canberra’s 75.
In Perth, 16 homes are scheduled for auction, down two from last week, while no homes are expected to go under the hammer in Tasmania.
A slight reduction in auction activity is expected to occur next week, with CoreLogic reporting that fewer than 1,900 homes are expected to go under the hammer.
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