Scheduled auction activity across the combined capitals is expected to ease slightly this week, with 2,371 homes set for auction. While down -3.1% from the 2,446 held last week, this week’s anticipated volume is significantly above this time last year (36.2%) when weaker selling conditions saw just 1,741 homes go under the hammer.

Despite expecting a -10.4% week-on-week fall in auction activity, Melbourne is set to host the busiest auction market this week, with 1,032 homes scheduled for auction across the city. Last week saw Melbourne host its busiest auction week since Easter, with 1,152 homes auctioned across the city, while this time last year (690), auction numbers were -33.1% lower.

There are 981 homes set to go under the hammer in Sydney this week, up 6.5% compared to last week (921) and 47.7% higher than this time last year (664). 

Adelaide is set to overtake Brisbane as the busiest market amongst the smaller capitals, with 124 auctions scheduled this week, down from 125 last week. Brisbane (119) is expecting a -11.9% week-on-week decline in auction activity, while Canberra’s (102) auction numbers are set to rise 4.1%. Perth is set to host 12 auctions, in line with the 12 held last week, while just one home is scheduled to go to auction in Tasmania this week.

An early view of scheduled auctions numbers suggest that auction activity is set to trend higher over the coming weeks, with more than 2,500 capital city auctions expected to be held next week.

Summary of last week’s final results

Last week saw auction activity rebound following the quietest auction week since Easter. With 2,446 auctions held across the combined capitals, last week's auction activity was more than double the 1,198 auctions held the previous week, when multiple public holidays impacted auction numbers.

After dropping to 64.4% the previous week, the combined capitals’ clearance rate rose 1.7 percentage points with 66.1% of last week’s auction recording a successful result. The rise in the clearance rate was driven by a mild decrease in the withdrawal rate (from 11.3% to 9.6%), while the portion of properties passed in at auction held steady at 24.3%. This time last year, when selling conditions were significantly weaker, 60.6% of the 1,815 auctions held across the combined capitals recorded a successful result.

By Kaytlin Ezzy, Economist, CoreLogic Australia