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With the King's Birthday firmly in the rearview mirror, CoreLogic is expecting national auction activity to almost double this coming week.
According to the research firm, the week ending 18 June should see 2,029 homes go under the hammer across the country, up from the 1,033 auctions which occurred over the long weekend. Despite winter sending a collective chill across the country, this week is set to be the busiest for the auction market in 11 weeks, a factor considered unusual for this time of year.
Melbourne is set to overtake Sydney as the nation’s busiest auction market, with a 15.9 per cent activity surge leading to a predicted 868 auctions this coming week. Nearly 16 per cent of the city’s auctions are for units, up 0.3 per cent on last week’s figure.
Last week, the Victorian capital posted a final clearance rate of 68.7 per cent, with the city’s outer east, where 85.7 per cent of the 22 auctions returned a positive result, marked as Melbourne’s most successful sub-region.
NSW capital, Sydney, should host 837 auctions this week, up nearly 79 per cent of last week’s public holiday-interrupted figures. Almost 80 per cent of the harbour city’s auctions will take place on Saturday, with Canterbury-Bankstown set to be the busiest council area (65).
Last week, 72.2 per cent of the city’s auctions ended positive, with Baulkham Hills and the Hawkesbury the most successful sub-region as it reported a final clearance rate of 90.5 per cent from 21 auctions.
Across the smaller capital cities, auction activity is expected to rise 29.6 per cent this week to 324 auctions. Brisbane is set to remain the busiest market with 142 auctions scheduled, followed by Adelaide (111), and Canberra (53).
In Perth, 14 homes are scheduled to go under the hammer, up two from last week, while four homes are scheduled for auction in Tasmania.
CoreLogic is reporting capital city auction activity will decline by 10 per cent next week, with approximately 1,800 pencilled in at this stage. With most of these auctions booked prior to the Reserve Bank of Australia’s (RBA) latest cash rate hike, the research firm noted the importance of monitoring the withdrawal rate among Australia’s capital cities, with a lift in the number of withdrawn auctions indicative of dipping vendor confidence.
