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CoreLogic reported that despite the dearth of auctions over the Easter period, this long weekend could still shape up as the busiest on record.
The auction market is set to take a dip due to the Easter long weekend, with CoreLogic revealing that a mere 913 capital city homes are currently scheduled for auction across Australia’s capital cities.
Despite this decrease, a revision in auction volumes once numbers are finalised could still see this week potentially surpass Easter 2022’s record of 926 auctions which would make 2024’s Easter the busiest on record.
Sydney is currently projected to be the busiest auction market this week with 429 homes scheduled to go under the hammer, marking a 64.2 per cent decrease compared to last week and a 57.8 per cent decrease compared to this time last year (Easter Sunday was 9 April in 2023).
Melbourne takes second place with only 281 homes scheduled this week, a marked 84 per cent decrease from last week’s numbers and a 76.6 per cent drop from this time last year.
Across Australia’s smaller capital cities, Brisbane and Adelaide once more take the top spots but are set to experience sizeable decreases in auctions, with 96 and 56 homes slated to go under the hammer.
Canberra and Perth have also seen their auction volumes take a hit, with 56 auctions and 47 auctions projected to occur over the long weekend.
No auctions are pencilled in for Tasmania.
Last week, a total of 3,519 homes were taken to auction, a significant increase over the week prior. Clearance rates continue to decline throughout the latter half of March, with the third week of March seeing a rate of 65.8 per cent, a decrease from last week’s result of 66.7 per cent. Notably, this marks the lowest final clearance rate since the week ending 17 December 2023.
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