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After the lull of last week’s market, this week will see Australia’s second-highest auction rates this year, according to CoreLogic data.
Last week may have seen a downswing in national auction activity, but the week ending 12 November will see rates move out of the red zone.
According to CoreLogic forecasts, 2,816 capital city homes are expected to go under the hammer by Sunday, making this week the second busiest of 2023, surpassed only by October’s Super Saturday event.
Melbourne is set to host the largest number of auctions nationwide, with 1,218 homes currently scheduled to go under the hammer. This marks a whopping 160 per cent increase on last week, when the start of the Spring Racing Carnival caused auction levels to plummet to a scant 468 properties.
Sydney is hot on Melbourne’s heels, with 1,125 homes currently scheduled to go to auction. If the auctions go ahead as planned, this will be the harbour city’s busiest auction week since mid-April 2022, and a massive 45.2 per cent improvement on auction numbers from this time last year.
Looking further afield, Adelaide is set to be the busiest of the smaller auction markets for the second week in a row, with 163 properties ready to go under the hammer. Brisbane has 157 auctions on the books this week, while Canberra expects to hold 130 auctions.
Over on the west coast, Perth has 20 properties set to go under the hammer while Tasmania plans to host three auctions.
Last week saw a disappointing drop in auction rates compared to the astonishing highs of the week prior, when the country’s combined capitals hosted their busiest auction week in over 18 months.
Despite this, the week ending 5 November saw an uptick in clearance rates, with buyer enthusiasm leading the trend.
Last week’s lows were led primarily by Melbourne as the city fired the starting gun to its Spring Racing Carnival, to the detriment of auction watchers.
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