auction man
Image: Canva.
  • Sydney is set to see over 1,000 properties go to auction this weekend, the second time this year the thousand home mark has been reached.
  • Last week's final clearance rate dropped to 66.8%.
  • Was driven by small increases to withdrawals and properties passed in at auction.

Well over two thousand homes are heading to auction this weekend, with the latest figure representing a 5.4% rise from last week, according to CoreLogic.

This weekend will be the third busiest over the year-to-date, behind the week ending 26 February (2,429) and the week ending 2 April (2,687).

This week last year, 1,823 auctions were held. CoreLogic economist, Kaytlin Ezzy, said last year’s lacklustre start to spring was due to weaker selling conditions, rising interest rates, and falling dwelling values.

corelogic auction preview 31082023
Source: CoreLogic.

Melbourne is set to host the busiest auction market this week, with 1,021 homes to go under the hammer. The first week of spring will be a 4.8% dip in activity, with last week seeing 1,072 homes going to auction.

Sydney will break the thousand auction mark for the second time this year, with 1,010 to head to auction. The latest is a 16.5% increase from last week’s 867, and just below the busiest week so far this year on 2 April (1,017).

Across the smaller capitals, Brisbane (28.1%) and Canberra (23.2%) are expecting week-on-week rises, while Adelaide is expecting a 17.5% decline.

Brisbane is set to host the busiest auction market among the smaller capitals and the city’s busiest week in five weeks with 155 homes currently scheduled for auction. This is followed by Adelaide (104) and Canberra (101), which is expecting its busiest week since early April. Eight homes are set to go under the hammer in Perth, and two auctions are scheduled to occur in Tasmania this week.

Clearance rates lower for the end of August

Last week saw 2,278 homes taken to auction across the capitals, with the final clearance rate dropping to 66.8%.

The dip in the clearance rate was driven by a mild increase in both the withdrawal rate (7.7%) and the portion of properties passed in at auction (25.2%).

While Melbourne hosted the most auctions last week, indeed exceeding 1,000 for the first time since before Easter, the final clearance rate dropped 90 basis points to 64.7%, but remained 5 percentage points higher than this time last year (59.7%).

Sydney also recorded a fall in its final clearance rate across 867 properties, down 1.2 percentage points to 69.1%.

“The previous week’s clearance rate of 70.3% was the city’s highest in nine weeks, while this time last year, 51.7% of Sydney auctions were successful,” noted Ezzy.

City Auctions Held Clearance Rate (%)
Adelaide 126 83.3
Brisbane 121 62.0
Canberra 82 56.1
Perth 10 20.0

Source: CoreLogic.

No auctions were held in Tasmania last week.



You May Also Like

Melbourne property market sees mom and dad builders flock to outer suburbs for the best bang for buck

The cost of building a house in these top 20 suburbs started at $272,944 and topped out at $387,688.

Australian rental market clocks in a near-40% price growth, while wages struggle to keep up

Rents soared by almost 40% across the pandemic, while wages barely clocked in 20% growth.

Gender gap closes? Women outpace men in overall property ownership

Challenges persist for younger women in achieving homeownership, highlighting the need for targeted solutions.

Exclusive: Top five regional New South Wales housing markets revealed, the affordable alternatives to Sydney

Hotspotting has exclusively revealed to TPT New South Wales housing market’s five best regional hotspots for homebuyers and investors.

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.

Housing crisis survival guide: How to buy your first Australian property

Three property experts give the low down on how to nab a home in this tough housing market.

Strata properties as investments: All you need to know about investing in a Perth unit

As the cost of renting approaches the cost of a mortgage, more people are investing in units to escape the rental trap.