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Australia’s combined capital cities are set to host their second-busiest auction week this year, according to data from CoreLogic.
The week ending 17 September 2023 will see 2,436 homes go under the hammer across the country, marking Australia’s busiest week since early April. This activity represents a 7.1 per cent increase from last week’s volume, indicating spring’s early selling momentum is showing no signs of slowing.
Sydney just edges Melbourne as the nation’s busiest auction market, with the NSW capital hosting 1,010 as opposed to the Victorian capital’s 1,008. Sydney’s activity is up 12.5 per cent from last week, while Melbourne’s activity is slightly down (0.8 per cent).
Last week, Sydney reported a final clearance rate of 67 per cent from 898 auctions, with the portion of properties passed in at auction rising to 22.6 per cent, its highest point in five weeks.
The inner southwest was the city’s strongest performing subregion with a final clearance rate of 79.6 per cent from 98 auctions, while Sutherland, where 44.7 per cent of the 38 auctions ended successfully, was the city’s weakest performing subregion.
Melbourne ended last week with its highest clearance rate in three weeks (65.5 per cent), with this rise driven largely by a decline in the number of properties passed in at auction.
The Victorian capital’s inner east was its most successful subregion, with 75 per cent of its 152 auctions ending successfully, whereas the city’s west, which registered a final clearance rate of 52.9 per cent from 87 auctions, was its poorest performing subregion.
Across the smaller capital cities, Brisbane is set to host its busiest week since late April with 180 homes scheduled for auction. This represents an activity increase of 36.4 per cent on the previous week’s level.
Following the Queensland capital, Adelaide is expecting 125 homes for auction, while activity in Canberra is also likely to remain above the 100 mark, with 104 scheduled.
In Perth, nine homes are currently scheduled for auction, down from 13 last week. There are no auctions scheduled in Tasmania.
CoreLogic reported early signs are pointing to a further rise in auction activity next week as spring season continues to ramp up.
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