auction man
Image: Canva.
  • 2,190 auctions were held, according to preliminary CoreLogic data
  • Busiest since late June, but down from the same time last year
  • This weekend to be lower due to Queen's memorial public holiday and AFL Grand Final

Over 2,000 auctions were held across Australia’s capital cities, last week, with the figure higher than both the previous week and the same period last year, according to CoreLogic.

Successful auction numbers also rose, however, were more than 10 percentage points lower than at the same time in 2021.

This week, CoreLogic data shows a subdued auction schedule, with Melbourne expecting auction volumes to fall by over 80% week-on-week. With an AFL Grand Final on, it is quite clear the real estate many are looking for is a simple square metre in the stands, rather than anywhere else.

Busiest auction week since June

At the beginning of this week, preliminary CoreLogic data showed 2,190 auctions were held across the combined capital cities.

That figure was up from the previous week (1,918), and a substantial uptick from last year’s figure of 1,672. CoreLogic said that made it the busiest auction week since late June.

Capital city auction statistics (preliminary)

Image: CoreLogic.

The results so far also showed successful auctions were at 62.5%, an improvement from the previous week’s preliminary clearance rate of 61.7%, which was then revised down to 59.7%.

The preliminary figure is down on 2021, with the clearance rate this time last year at 75.1%

A subdued week ahead

This weekend is expected to see significantly fewer auctions. CoreLogic said this can be attributed to the Queen’s memorial public holiday and the AFL Grand Final in Melbourne.

Number of homes scheduled for auction

Image: CoreLogic.

CoreLogic said the number of homes scheduled for auction (1,394) is 36.7% down from last week (2,203), and 14.3% lower than this time last year (1,626).

It comes as no surprise that Melbourne is expecting to see a fall of 87.3% in auction volumes, week-on-week, with the AFL Grand Final to see the Cats against the Swans this weekend.

Most of the capitals are expecting a fall in auction volumes, Brisbane to see a week-on-week fall of 15.2%, Adelaide down 8.6%, Canberra down 12.6%, Perth to see seven auctions while it held 20 last week, and only two in Tasmania.

Sydney will see a rise of 13.9% in auction volumes, CoreLogic said the figure is also 6% higher than the same time last year. Sydney is expecting 879 homes to be auctioned off, whereas the same period in 2021 saw 829 homes taken to auction in Sydney.

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