Auction volumes on the rise

Auction activity is set to rise across the combined capital cities this week with 2,326 homes currently scheduled for auction, up 7.2% from last week when 2,170 auctions were held. This week’s scheduled auction activity is -37.5% lower than the same week last year when 3,720 auctions were held across the combined capital cities. Over the coming weeks, it is likely auction volumes will remain significantly lower than the same period last year when strong selling conditions saw CoreLogic record some of the highest weekly auction numbers on record.

Melbourne is set to see just shy of 1,000 homes taken to auction this week, with 998 auctions currently scheduled across the city. While up 6.4% from the 938 auctions held last week, this week’s auction activity is -39.8% lower than the same time last year when 1,657 auctions were held.

There are 810 homes currently scheduled for auction across Sydney this week – the busiest auction week the city has seen since late June (890). This week’s auction volumes are 4.5% higher than last week (775) but are -40.1% below the number of auctions held this time last year (1,352).

Across the smaller capitals, Brisbane is set to be the busiest auction market this week with 201 homes scheduled for auction, up 14.9% week-on-week (175). There are 154 auctions currently scheduled in Adelaide this week, in line with the previous week (153), while in Canberra, 131 homes are set for auction this week, up 20.2% from last week (109). In Perth, 30 homes are set to go under the hammer, up from 17 last week, while just two auctions are expected in very cold Tasmania this week.

Summary of final results - week ending 13 November 2022

There were 2,170 auctions held across the combined capital cities last week, with the final clearance rates of 57.6% the lowest since late August. The previous week’s clearance rate was 1.4 percentage points higher at 59.0%, while this time last year, 73.2% of auctions held across the combined capitals were successful.