Auction activity down
- Written by Corelogic
CoreLogic is expecting to see a slight increase in combined capital city auction activity this week with 1,941 homes currently scheduled for auction. This is up 1.0% from last week when 1,921 auctions were held across the combined capitals. Melbourne is the only capital city set to see an increase in auction volumes over the week, while auction activity in Adelaide is expected to hold steady. All other capital cities will see fewer homes taken to auction this week compared to last week. This week's scheduled auction activity is -41.0% lower than the same week last year when 3,292 homes were taken to auction.
Melbourne is set to be the busiest auction market this week with 784 homes scheduled for auction, up 30.2% from the previous week when the start of the Melbourne Cup carnival saw 602 auctions held. While increasing week-on-week, this week’s auction activity is -43.9% lower than the same week last year when 1,398 auctions were held across the city.
There are 743 auctions scheduled in Sydney this week, down -1.1% from the previous week when 751 auctions were held, and -40.0% lower than this time last year when 1,239 homes were taken to auction across the city.
Across the smaller capitals, Adelaide is set to see the busiest auction week, with 155 homes scheduled for auction this week, in line with last week, although -32.3% lower than this time last year (229). There are 130 auctions currently scheduled in Brisbane this week, down -41.2% week-on-week (221) and -50.6% lower than this time last year (263) while Canberra is set to host 112 auctions, down -30.9% from last week (162) and -17.6% lower than the same week last year (136). Across Perth, there are currently 17 homes scheduled for auction, down from 29 over the previous week and 22 this time last year. There are no auctions scheduled in Tasmania this week.
Summary results – week ending 30 October 2022
There were 1,921 homes taken to auction across the combined capital cities last week with the final clearance rate slipping to 58.8% after holding above 59.0% for eight consecutive weeks. The previous week’s clearance rate was 1.9 percentage points higher at 60.7%, while this time last year, 76.8% of auctions were successful.
