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The Victorian capital is expected to see just under half of the country’s total auctions, according to new data.
For the week ending 25 February 2024, CoreLogic revealed that of the 2,840 homes across Australia set to go under the hammer, 1,405 homes are currently scheduled for auction in Melbourne, at approximately -49.5 per cent of combined capital city activity.
Nationally, auctions are up 35.8 per cent on last week’s volumes and 16.9 per cent higher than this time last year, when 2,429 auctions took place.
Melbourne itself is expecting a 40.9 per cent increase week-on-week. This is a significant increase from this time last year where 1,161 homes went under the hammer across the city.
According to the data firm, this is the busiest auction week for Melbourne since the week ending 10 December 2023, when a total 1,415 auctions took place.
Looking over to Sydney, 1,039 homes are set to go to auction, up 50.4 per cent from last week, when 691 homes went under the hammer. It’s also 21 per cent higher than the same period last year, when 859 homes went to auction.
Like Melbourne, this will be Sydney’s busiest auction week since the week ending 10 December 2023, when the city played host to 1,072 auctions.
Across the smaller capital cities, auction volumes are relatively similar week-on-week.
Brisbane is expecting the most auctions among the smaller cities, with 167 auctions scheduled in. It’s just below the 171 auctions that took place last week. Adelaide has 139 homes set to go under the hammer, a slight drop from the 142 homes that went under the hammer last week.
Canberra is bucking the trend with 82 auctions pencilled in, a lift from last week’s 78.
Looking across to Perth, six auctions are scheduled in, down from nine last week. Tasmania is expecting to see two auctions, down from three last week.
The forecasts come as CoreLogic noted last week’s final clearance rate across the combined capital cities landed at 68.8 per cent.
Adelaide scored the highest final clearance rate among the cities at 74.6 per cent, followed by Sydney with a 74.2 per cent final clearance rate.
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