CoreLogic is expecting auction volumes to rise by 12.7% on last week’s activity, with 1,967 homes currently scheduled for auction across the combined capital cities. The volume of auctions has been rising through the second half of winter, with activity this week up 27.8% from one month ago (1,539), and 22.1% higher than this time last year (1,611).

Melbourne is set to be the busiest auction market this week with 847 homes currently scheduled for auction across the city, up 9.7% on the previous week (772) and 32.3% higher than this time last year (640). Melbourne has recorded an average of 714 dwellings auctioned each week this year-to-date.

In Sydney, 819 homes are set to go under the hammer this week, up 18.4% week-on-week (692), and 33.2% more than this time last year (615). This week’s activity is the highest number of dwellings set for auction since the week before Easter 2023 (1,017), and the third busiest week of the year-to-date, behind 859 auctions held in the last week of February.

Across the smaller capital cities, Brisbane (128) is expecting to see the largest increase in the volume of auctions this week, up 50.6% on last week (85). Meanwhile, Adelaide is set to host 92 auctions, down -12.4% from the previous week, while Canberra is set to host 70 auctions, down -15.7% week-on-week. There are 11 auctions scheduled in Perth, up from seven the previous week and no auctions scheduled in Tasmania.

Summary of last week’s results

There were 1,746 homes taken to auction across the combined capital cities last week, down -11.5% from the previous week (1,973) and 18.7% higher than this time last year (1,471). Of the 1,745 results collected, 64.5% were successful, -40 basis points lower than the previous week (64.9%), although 7.9 percentage points higher than this time last year (56.6%). Last week’s combined capital city clearance rate is the lowest it has been since Easter 2023 (61.5%).

By Duane Kaak, Research Analyst, CoreLogic Australia