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Australian auction volumes are set to rise for the fifth consecutive week, according to CoreLogic.
Over the week ending 10 September 2023, 2,357 capital city homes are scheduled to go under the hammer across the country as the strong start to spring selling season continues garnering momentum.
This week’s activity is set to overtake last week as the nation’s busiest activity week since late April, and the third busiest of 2023.
Melbourne’s position as the nation’s busiest auction market is set to remain, with the city bracing for over 1,000 auctions (1,035) for the third week running. Last week, the city reported a final clearance rate of 63.8 per cent with its inner east, where 78.5 per cent of the 135 auctions ended successfully, its strongest performing subregion.
Auction activity is set to rise nearly 5 per cent this week in Sydney with 958 homes scheduled for auction, marking the fifth consecutive week the city’s auction volume has risen. Last week, the NSW capital reported a final clearance rate of 68.2 per cent with the inner south-west, where 78.6 per cent of the 84 auctions reached a successful conclusion, its strongest performing subregion.
Across the smaller capital cities, auction activity is expected to hold steady even with Brisbane and Canberra reporting declines of 14.7 per cent and 5.3 per cent respectively. This firming of activity is due in part to volume rises in Adelaide (25.2 per cent) and Perth (50 per cent).
The Queensland capital is still the busiest of these markets with 133 auctions pencilled in, followed closely by Adelaide (129) and Canberra (90). Perth is set to host 12 auctions this week, while no auctions are currently scheduled for Tasmania.
As the nation further enters spring, CoreLogic is reporting capital city auction activity’s upward trajectory is set to continue into next week with 2,450 currently scheduled for action.
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