Australia’s auction market is set for another rise in homes ready to go under the hammer, with the latest CoreLogic Auction Market Preview noting 2,133 homes are heading to auction this weekend.
The third week of August continues to see a rise in homes scheduled for auction, with the latest figure also the busiest since early April this year (2,687), according to CoreLogic.
Six out of the seven capitals are expecting a week-on-week rise in auction numbers. Sydney takes back the crown for busiest auction market this week, with 890 homes scheduled to go under the hammer.
Notably, Melbourne is the only capital to see a reduction in the number of homes heading to auction this week. CoreLogic noted that despite the dip, it is 9.9% higher than the same time last year (779).
Source: CoreLogic.
“The unseasonable boost in auction volumes aligns with a recent uptick in freshly advertised listings, with many vendors likely aiming to beat the rush as a potentially more competitive spring selling season approaches,” said report author, Kaytlin Ezzy.
“With the upward trend in auctions expected to continue, auction clearance rates will provide a timely gauge for the fit between buyer and seller price expectations over the coming weeks.”
The final clearance for the week ending 13 August 2023 was 64.7%, a 20 basis point uptick week-on-week. It was noted that the improved clearance rate broke a four-week cycle where the clearance rate trended lower.
Both Melbourne and Sydney had their busiest auctions since before Easter.
Final clearance rates for Melbourne dropped 4.4 percentage points (ppt) from the prior week. This time last year, the city hosted 640 auctions, with a 58.8% clearance rate.
Sydney recorded increases across the board:
Ezzy noted that the higher clearance rate could be attributed to both the withdrawal rate and portion of properties passed in at auction falling to 10.2% and 21.4%, respectively.
The clearance rate for Sydney this time last year was 54.7%.
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