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Following two weeks of subdued activity due to major sporting events and long weekends, the auction market has made a comeback.
According to CoreLogic, Auction volumes are set for an upswing with 2,621 capital city homes currently scheduled to go under the hammer over the week ending 13th October 2024. This will mark the sixth busiest auction week of the year.
As a result of public holidays and the AFL Grand Final, auction volumes had dropped considerably over the last two weeks, with 1,955 live sale events last week and 1,836 over the previous week. This week is set to see the Spring market return in full force.
Melbourne is expected to be the main driver of this rise by holding more than 1,000 auctions for the second week in a row, with 1,067 homes slated for auction. This is just slightly slower than the 1,095 last week but a ramp-up from the 1,029 auctions at this point last year.
In Sydney, the week is shaping up as the third busiest auction week of the year so far, with 1,103 auctions anticipated take place across the harbour city. This is a sizeable increase to the 524 auctions held across the city last week, alongside the 892 homes that went to auction this time last year.
Across the smaller capitals, Brisbane is scheduled to host the most auctions this week with a measurable increase from last week's 154 auctions, now reaching 187.
Adelaide recorded the highest final clearance rate at 70.0 per cent last week from 130 scheduled auctions and has 167 auctions planned to hit the block this week. Canberra is pencilled in to see nearly double last week’s 41 homes, with 84 auctions going under the hammer.
The 12 auctions scheduled in Perth marks a slight increase in volume from the 10 last week, while Tasmania is staying consistent with last week's figures, with just one auction on the radar.
CoreLogic is expecting a comparable number of homes slated for auction next week with around 2,650 capital city homes currently planned to hit the block. A further rise is anticipated in the coming weeks.
Solidifying the final clearance figures from last week, CoreLogic reported that the combined capital city clearance rate slipped below 60 per cent for the first time this year, coming in at 59.5 per cent, down from 66.6 per cent. One year ago, 2,275 auctions were hosted across the combined capitals with a clearance rate of 66.1 per cent.
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