Numbers still above this year's weekly average despite decline
The number of scheduled auctions across the combined capital cities is expected to decrease by 7.7% this week, with 1,821 homes set to go under the hammer, according to new data from CoreLogic.
Despite this decline, the expected auction numbers for this week are still 7.1% higher than the weekly average so far this year, which stands at 1,700 auctions, CoreLogic reported. Furthermore, this week's activity reflects a significant increase of 23.8% compared to the same week last year, during which 1,471 auctions took place and achieved a combined clearance rate of 56.6%.
In Melbourne, it is anticipated that 792 auctions will take place this week, marking a 9% decrease from the 870 homes auctioned last week, according to CoreLogic. However, when compared to the corresponding period in August 2022, when 619 homes were auctioned and a clearance rate of 58.4% was recorded, this week's activity represents a substantial increase of 27.9%.
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In Sydney, auction activity is expected to remain relatively stable, with 748 homes scheduled for auction, only one less than last week. This week's scheduled auctions are significantly higher than the same week last year when 480 auctions were held, and a final clearance rate of 56.4% was achieved, according to CoreLogic.
Smaller capitals
Among the smaller capitals, Adelaide is projected to be the busiest market with 105 auctions, despite a decrease of nine homes compared to the previous week.
Brisbane is expected to have the quietest auction week since Easter, with 86 scheduled auctions, less than half of the 173 auctions held last week, CoreLogic reported.
Canberra is set for its busiest week in nine weeks, with 81 homes to be auctioned. Perth is hosting seven auctions, while Tasmania has two auctions scheduled for this week.
Looking ahead, activity across the combined capitals is set to increase next week, with over 1,990 homes currently scheduled for auction.
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