The auction scene across the combined capital cities is experiencing some fluctuations, with the number of scheduled auctions predicted to drop by 7.7% this week, to a total of 1,821 homes. However, it’s important to note that despite this decline, this week’s anticipated auction figures remain 7.1% above the year-to-date weekly average of 1,700. Moreover, this week’s auction activity trumps that of the same period last year by an impressive 23.8%, during which 1,471 auctions took place and achieved a combined clearance rate of 56.6%.
Taking a closer look at Melbourne, this bustling city is prepared to host a total of 792 auctions this week, which represents a 9.0% decrease compared to last week’s 870 homes auctioned. However, when compared to the first week of August in 2022, this figure actually signifies a 27.9% increase, as only 619 homes went under the hammer back then, resulting in a clearance rate of 58.4%.
Moving on to Sydney, this week’s auction plans appear to be quite stable, with 748 homes awaiting auction – just one less than the previous week. Interestingly, this figure is significantly higher than that of the same week in 2022, in which 480 auctions were held, achieving a 56.4% final clearance rate.
As for the smaller auction capitals, Adelaide is set to be the busiest of the bunch, with 105 auctions scheduled. Meanwhile, auction activity in Brisbane is anticipated to quieten down, hosting 86 auctions – the lowest since Easter 2023 and a far cry from last week’s 173 auctions. Canberra, on the other hand, is experiencing its busiest week in nine weeks, gearing up for 81 homes to go under the auctioneer’s hammer. Finally, Perth will host seven auctions, while Tasmania currently has two auctions scheduled for this week.
Looking ahead, auction activity across the combined capital cities is expected to pick up next week, with just over 1,990 homes currently scheduled for auction. Evidently, fluctuations in the auction market are not uncommon, and as demonstrated, it’s often wise to look at long-term trends instead of solely focusing on the weekly ebb and flow.
Shedding further light on this field is Duane Kaak, leader of Corelogic’s Data Acquisition and Research team. With more than 20 years of experience in banking, financial services, and real estate industries, Kaak has spent the past four years managing and leading teams of researchers across Australia in Corelogic’s Commercial, Real Estate, and Construction sectors.
To sum it up, the auction market across Australia’s combined capital cities is constantly evolving with periods of both increase and decrease. The key takeaway is to remain vigilant in monitoring long-term trends and not to put too much weight on short-term fluctuations. Those keen on updating their knowledge can access the complete Auction Market Preview for the week ending 6 August 2023, available for download by interested individuals. So, buckle up and keep your eyes peeled, as the exciting world of auctions continues to unfold.
