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A near 20 per cent activity increase signals spring’s maintained momentum, according to data from CoreLogic.
The week ending 24 September 2023 will be the busiest Australian auction week of the year to date, with the research firm reporting 2,725 homes expected to go under the hammer. This represents a 17.8 per cent increase on last week’s activity.
Sydney is expected to be the nation’s busiest market, with the city due to host its busiest week since the week ending 29 May 2022. Across the harbour city, 1,094 homes are expected to go under the hammer, signalling an 18 per cent week-on-week increase.
Last week, 67.3 per cent of the city’s 927 auctions ended successfully, with the Northern Beaches (83.9 per cent) reporting the harbour city’s highest clearance rate from 62 auctions, marking it as the strongest performing subregion. Conversely, the Central Coast, where 38.9 per cent of the 18 auctions ended successfully, was Sydney’s poorest performing subregion.
Activity in Melbourne is set to rebound above the 1,000 mark this week with 1,083 homes expected for auction, a 10.3 per cent increase on last week’s. The previous week saw the Victorian capital achieve a final clearance rate of 63.3 per cent from 982 auctions.
The Mornington Peninsula was the city’s strongest performing subregion after 73.3 per cent of its 15 auctions ended successfully, while Melbourne’s inner subregion was its weakest performer, registering a final clearance rate of 56.9 per cent from 195 auctions.
Across the smaller capital cities, auction activity is set to jump 34.8 per cent, with Brisbane and Adelaide both bracing for their busiest weeks of the year. The Queensland capital is set to be the busiest of these markets with 238 auctions scheduled, followed by Adelaide’s 182, and Canberra’s 108.
In Perth, 19 homes are expected to go under the hammer, while one auction is scheduled for auction in Tasmania.
Looking further ahead, this week’s high will likely fall once again the following week, due to the fact that five of Australia’s seven states will be celebrating long weekends.
CoreLogic is expecting auction activity to plummet to around 1,300 as a result.
