auction man
Image: Canva.
  • This weekend is set to see 2,436 homes head under the hammer.
  • Melbourne will play host to over 1,000 auctions again this weekend.
  • The final clearance rate for last week was 65.8%.

The second busiest auction weekend for this year is coming up, with 2,436 homes set to go under the hammer, according to CoreLogic.

The latest figure represents a 7.1% rise from last weekend (2,275) and a 10.6% rise on last year’s 2,203 auctions.

Melbourne continues its strong run of auction activity this weekend, with 1,008 scheduled for auction. While this is a marginal decline from last week’s 1,016, it is the fourth consecutive week where over 1,000 homes were scheduled to go under the hammer.

Sydney is likewise expecting over a thousand homes to head to auction (1,010), with this weekend set to be the city’s second busiest for the year. This weekend’s figures are 12.5% higher than last week, and 30.8% higher than last year.

City Number of auctions
Melbourne 1,008
Sydney 1,010
Brisbane 180
Adelaide 125
Canberra 104
Perth 9

Source: CoreLogic.

Brisbane’s auction figures for this weekend are 36.4% higher than last week.

Tasmania does not have any auctions scheduled.

Clearance rate rises

Last week ultimately saw 2,275 homes go to auction, with the final clearance rate (65.8%) recording a 40 basis point lift. This ended the downward trend seen in clearance rates across the previous two weeks.

While an uplift was recorded, clearance rates were below the early June peak of 73.1%, but remained on par with the 10-year average of 65.9%, indicating a relatively balanced market.

Sydney recorded a decline in auction activity, down 1.6% to 898 homes. Clearance rates in the Harbour City fell for a third consecutive week, at 67.0%.

“Sydney buyers appear to be becoming a little more hesitant with the portion of properties passed in at auction (22.6%) rising to its highest in five weeks,” noted CoreLogic’s Kaytlin Ezzy.

The withdrawal rate in Sydney eased to 10.4% last week.

Clearance rates in Melbourne rose to their highest in three weeks, clocking in at 65.5%. This is a 1.7 percentage point rise from the previous week.

Buyers drove the change, according to Ezzy, with the portion of properties passed in at auction falling to 29.7%.

City Clearance rate Total auctions Cleared auctions Uncleared auctions

Sydney

67.0% 898 598 295
Melbourne 65.5% 1,016 664 350
Brisbane 59.8% 132 79 53
Adelaide 79.2% 127 99 26
Perth 38.5% 13 5 8
Tasmania n.a. 0 0 0
Canberra 50.6% 89 45 44
Weighted Average 65.8% 2,275 1,490 776

Source: CoreLogic.



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