The combined capitals are set to host the busiest auction week since early April and the second busiest week of the year-to-date, with 2,436 homes scheduled to go under the hammer this week. Up 7.1% compared to last week (2,275) and 10.6% above the 2,203 auctions held last year, this week's auction numbers will provide a timely test of the market as the spring selling season continues to ramp up.

Melbourne's auction activity is set to hold above the 1,000 mark for the fourth consecutive week, with 1,008 auctions currently scheduled across the city. Down slightly (-0.8%) from the 1,016 held last week, this week's auction numbers are in line with the 1,008 auctions held this time last year.

Sydney is expecting the second busiest auction week of the year-to-date, behind the week ending 2nd April (1,017), with 1,010 homes currently scheduled for auction across the city.  Up 12.5% compared to last week (898), this week's expected auction activity is 30.8% higher than this time last year when 772 auctions were held.

Across the smaller capital cities, Brisbane is set to host its busiest week since late April (203), up 36.4% compared to last week, with 180 homes currently scheduled for auction. This is followed by Adelaide, with 125 homes set for auction, and Canberra, with 104 auctions. In Perth, nine homes are currently scheduled for auction, down from 13 last week, while no auctions are scheduled in Tasmania.

Early indicators for the following week show a further rise in auction activity as the spring selling season ramps up.  

Summary of last week’s final clearance rate

After rising steadily through the second half of winter, auction activity across the combined capitals held relatively firm over the second week of spring, with 2,275 homes auctioned last week. The previous week saw 2,286 homes go under the hammer — the capital's busiest week since before Easter (2,687), while this time last year, 1,918 auctions were held.

The combined capitals final clearance rate lifted 40 basis points last week, with 65.8% of auctions reporting a successful result, bucking the downward trend seen over the previous two weeks. While down from a recent peak of 73.1% over the week ending 4 June 2023, last week's result remain in line with the decade average (65.9%), indicating a relatively balanced market.  Compared to the prior week (65.4%), the final combined capitals clearance rate was up slightly and was higher relative to this time last year (59.7%).

By Kaytlin Ezzy, Economist, CoreLogic Australia