2133 homes go to auction this weekend in august 2023
More homes are being auctioned this weekend. Image: Canva.
  • Final clearance rates for last week continued to rise.
  • 2,133 homes are scheduled to go under the hammer.
  • The unseasonable uptick in auction volumes continues.

Australia’s auction market is set for another rise in homes ready to go under the hammer, with the latest CoreLogic Auction Market Preview noting 2,133 homes are heading to auction this weekend.

The third week of August continues to see a rise in homes scheduled for auction, with the latest figure also the busiest since early April this year (2,687), according to CoreLogic.

Six out of the seven capitals are expecting a week-on-week rise in auction numbers. Sydney takes back the crown for busiest auction market this week, with 890 homes scheduled to go under the hammer.

Notably, Melbourne is the only capital to see a reduction in the number of homes heading to auction this week. CoreLogic noted that despite the dip, it is 9.9% higher than the same time last year (779).

City Auctions scheduled Change compared to last week
Sydney 890 +16.3%
Melbourne 856 -2.4%
Brisbane 158 +31.7%
Adelaide 117 +31.5%
Canberra 94 +38.2%
Perth 16
Tasmania 2

Source: CoreLogic.

“The unseasonable boost in auction volumes aligns with a recent uptick in freshly advertised listings, with many vendors likely aiming to beat the rush as a potentially more competitive spring selling season approaches,” said report author, Kaytlin Ezzy.

“With the upward trend in auctions expected to continue, auction clearance rates will provide a timely gauge for the fit between buyer and seller price expectations over the coming weeks.”

How did the auction market perform last week?

The final clearance for the week ending 13 August 2023 was 64.7%, a 20 basis point uptick week-on-week. It was noted that the improved clearance rate broke a four-week cycle where the clearance rate trended lower.

Both Melbourne and Sydney had their busiest auctions since before Easter.

Final clearance rates for Melbourne dropped 4.4 percentage points (ppt) from the prior week. This time last year, the city hosted 640 auctions, with a 58.8% clearance rate.

Sydney recorded increases across the board:

  • Homes going to auction were 10.5% more than the week prior,
  • Homes going to auction were 24.4% higher than the 615 auctions at the same time last year, and
  • A five percentage point increase on the prior week’s clearance rate, making results for the week ending 13 August the highest clearance rate in five weeks.

Ezzy noted that the higher clearance rate could be attributed to both the withdrawal rate and portion of properties passed in at auction falling to 10.2% and 21.4%, respectively.

The clearance rate for Sydney this time last year was 54.7%.

You May Also Like

Australian building costs have continued to soar, but has your insurance cover kept pace?

MCG Quantity Surveyors analysis found underinsurance could cost homeowners over $100K to replace a property, with the issue even more profound in the commercial property sector.

When will Australian property prices fall? One major challenge continues to prop prices up

Property prices are up by over 35% across the country since Covid, and while not the same story in each city, that’s little solace to prospective buyers pulling their hair out.

A window of opportunity could be open for savvy Australian property investors, but time is ticking

One expert has noticed investors are on the move while there’s less competition and fewer buyers in the marketplace.

Why Aussie property buyers aren’t waiting for rate cuts anymore

A surge in home loans shows buyers aren’t waiting for interest rates to drop before taking the plunge.

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Thinking of borrowing for a new home? We decode the home loan lingo and explore ...

We take a look at everything from principal and interest to rates and more.

A window of opportunity could be open for savvy Australian property investors, but time is ...

One expert has noticed investors are on the move while there's less competition and fewer buyers in the marketplace.