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This week is set to see a dip in auction numbers following the busiest auction week of the year to date.
CoreLogic data has revealed that a total of 2,650 homes are scheduled for auction across Australia’s eight capital cities, a decline of -7.1 per cent from the week prior.
The week ending 3 March will see Melbourne take out the leading spot, with 1,300 homes currently scheduled to go under the hammer. While this marks a -10.8 per cent drop from last week’s Melbourne numbers, the Victorian capital is seeing over 40 per cent more auctions than this time last year.
Sydney takes out the second spot with 951 auctions scheduled for this week, representing a more marginal -3.4 per cent downswing from last week’s overall total of 984.
Brisbane and Adelaide are expected to host the busiest auction markets of Australia’s smaller capital cities, with 148 and 136 auctions on the calendar respectively.
Bucking the national trend are Canberra and Perth, both of which are expected a rise in auction numbers compared to the week ending 25 February.
A total of 105 auctions are currently scheduled to take place in the nation’s capital, a strong rise on last week’s total of 90 auctions. Over on the West Coast, eight homes are slated to go under the hammer in Perth, up from seven last week.
Tasmania will see two auctions this week, on par with last week’s total.
Next week, auction numbers are expected to take a further drop due to public holiday long weekends across four of the eight states and territories. Preliminary numbers suggest that just 1,700 homes will go under the hammer across the combined capitals next week, with less than 500 of those expected to take place in Melbourne.
The long weekend predictions represent a marked change from the results of last week, which saw 2,853 homes go to auction nationwide. Last week’s clearance rate was 68.2 per cent, down a minimal 60 basis points from the week prior, suggesting a fairly strong market overall.
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