It's the third straight week of increased auction activity
The real estate auction market in the combined capital cities saw a 17.3% surge in scheduled auctions for the last week of July compared to the previous week, according to data from CoreLogic.
With a total of 2,028 homes set to go under the hammer, this marks the first time that auction numbers have exceeded 2,000 since the week leading up to Easter, CoreLogic reported. The positive trend continues for the third consecutive week, showcasing an upswing in auction activity. In contrast, during the same week in the previous year, only 1,913 auctions were conducted, with a combined clearance rate of 54%.
Melbourne is expected to see the most active auction market this week, experiencing a significant 28.6% increase from the prior week, with 859 auctions scheduled compared to 668. Comparing the current week to the corresponding period in 2022, this week's activity is 6.2% higher, as 809 homes were auctioned with a clearance rate of 56.6%.
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Sydney is also gearing up for a substantial rise in auction activity, with 814 auctions scheduled, representing a 16.5% increase from the 699 auctions held last week, CoreLogic reported. In contrast, at the same time last year, auction activity was down by 30.4%, with only 624 auctions taking place, and a final clearance rate of 50% – the lowest rate recorded in the past 12 months.
Smaller capitals
Among the other capital cities, Brisbane shows a 6.5% increase in scheduled auctions, totaling 179 homes this week, CoreLogic reported.
Adelaide and Canberra, however, are set to experience slight declines in auction activity. Adelaide will only decrease by three homes, with 112 dwellings set for auction, while Canberra's auction numbers are set to decrease by 20.9% to 53 homes, compared to the previous week. Perth is scheduled to host 11 auctions this week, while Tasmania does not have any auctions on the agenda, CoreLogic reported.
Although the current week displays robust auction activity, it is anticipated to subside slightly next week, with just over 1,820 homes currently scheduled for auction across the combined capitals.
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