Auction activity continues to rise, but remains well below this time last year
- Written by CoreLogic
Auction activity across the combined capitals continues to rise, with 2,579 homes set to go under the hammer this week. Continuing the upward trend seen over the past four weeks, this week's auction volumes are expected to rise 6.8%, overtaking last week (2,414) as the capital's busiest week since mid-June (2,528). While up week on week, this week's scheduled auction activity is -37.9% lower than the same week last year (4,153), when weekly auction volumes exceeded 4,000 for the second time on record.
With 937 homes currently scheduled for auction, Sydney's auction activity rose marginally this week (0.9%), making it the busiest week since late May (1,109). The previous week saw 929 homes auctioned across the city, while this time last year, 1,466 auctions were held.
Melbourne is expected to host more than 1,000 auctions for the third consecutive week, with 1,151 homes set to go under the hammer. Up 13.8% from the 1,011 auctions held last week, this week's auction activity is -39.8% below this time last year (1,912), when Melbourne hosted its sixth busiest auction week on record.
Adelaide (180) is set to overtake Brisbane as the busiest auction market amongst the smaller capitals, up 20.8% from the previous week when 149 auctions were held. With 169 auctions scheduled, Brisbane's auction activity is set to rise 9.7% this week, up from 154, while Canberra is expected to host 125 auctions this week, 17.8% below the 152 held last week. In Perth, 14 homes are set to go under the hammer, while three auctions are expected in Tasmania this week.
Summary of final results - week ending 27 November 2022
The combined capitals hosted the busiest auction week since mid-June (2,528) last week, with 2,414 auctions held across the capital cities. Last week's auction activity was 5.0% higher than the previous week (2,298) but -43.2% below the number of auctions held this time last year (4,251) when the capitals hosted the third busiest auction week on record. The rise in auction activity was accompanied by a 3.8 percentage point decline in the combined capital clearance rate, with 56.4% of auctions reporting a successful result. This is the capital's lowest final clearance rate since late August (55.8%). The previous week's clearance rate came in at 60.2%, while 68.5% of auctions held this time last year were successful.
