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Across the country, auction activity is expected to remain at similar levels to last week, according to CoreLogic.
There are 1,875 auctions scheduled to take place over the week ending 4 June, according to data from CoreLogic.
Sydney is expected to overtake Melbourne as the nation’s busiest auction market with 789 homes expected under the hammer across the NSW capital this week, representing a 13 per cent increase on last week’s performance.
Last week, the harbour city reported a final clearance rate of 74.7 per cent, up 2.6 per cent on the week prior, with CoreLogic attributing this rise to a reduction in the rate of properties passed in at auction. Sydney’s withdrawal rate slightly increased to 10 per cent.
In Melbourne, 757 homes are set to head to auction this coming week, down 10.3 per cent on last week. Last week, the Victorian capital hosted 844 auctions which amassed a final clearance rate of 71.7 per cent recorded.
Across the smaller capital cities, auction activity is set to hold relatively steady, with a seven-auction reduction resulting in 321 homes scheduled to go under the hammer.
Brisbane is expected to be the busiest market this week with its 119 auctions, slightly edging Adelaide (118) for top spot. In Canberra, auction activity is set to rise 13.5 per cent from last week with 84 expected in the coming week.
In Perth, eight homes are scheduled for auction this week, down by nine from last week, while no homes are scheduled for auction this week in Tasmania.
Looking further ahead, CoreLogic warned that the presence of the public holiday being celebrated by much of the country will result in a massive decrease in the number of auctions taking place nationwide for the week ending 11 June.
At this stage, the research house is expecting just 1,080 auctions.
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