Capital city auction activity is set to resume higher auction levels following a reduction last week for the long weekend.
Capital city auction activity is set to resume higher auction levels following a reduction last week for the long weekend. There are 2,029 homes expected to go under the hammer across the combined capitals, almost double the 1,033 homes auctioned last week.
Interestingly, this week will also see the highest number of auctions in the past 11 weeks, which is unusual early in winter, when the number of weekly auctions would typically be in gradual decline. This time last year, 2,528 homes were auctioned across the combined capitals, but this was early in the RBA rate-hiking cycle, when selling conditions were only starting to weaken.
Melbourne is set to host the most auctions this week, with 868 homes scheduled across the city. Unit auctions represent 15.9% of this week’s activity, marginally more than the 15.6% last week but significantly less than the 21.9% of the full week prior to the long weekend. The LGA’s of Moreland and Boroondara are the two busiest areas, set to host 59 auctions each. The long weekend saw just 315 auctions held last week. This week’s activity is -31.4% less than the 1,266 homes auctioned last year.
There are 837 homes scheduled to go under the hammer in Sydney this week, up 78.8% from the 468 auctions held last week and 5.3% above the 795 held this week last year. Saturday is set to host 76.6% of the week’s activity, and across the council regions, Canterbury-Bankstown is set to record the largest volume of auctions this week (65).
Auction activity across the smaller capital cities is set to lift relative to last week, with 324 auctions scheduled, up 29.6% from the 250 auctions held last week. Brisbane continues to have the highest number of auctions among the smaller capitals, with 142 homes scheduled for auction, up 36.5% from last week (104). This is closely followed by Adelaide with 111 homes scheduled for auction, up 33.7% on last week (83) and Canberra (53) is expecting just two more auctions than last week. In Perth, 14 homes are scheduled for auction, two more than last week, while four homes are scheduled for auction in Tasmania.
Capital city auction activity is expected to reduce around 10% next week, with around 1,800 homes currently scheduled for auction. Considering most of these auctions were scheduled prior to the latest interest rate rise, it will be important to monitor the withdrawal rate. A lift in the portion of withdrawn auctions could indicate a dip in vendor confidence.
The complete Auction Market Preview for the week ending 18 June 2023 can be downloaded below
Auction Market Preview
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A dynamic leader and subject matter expert in the banking, financial services, and real estate industries Duane Kaak, brings more than 20 years’ experience to his role as Leader of Corelogic's Data Acquisition and Research team. Duane has been instrumental in managing and leading teams of researchers across Australia in Corelogic's Commercial, Real Estate and Construction segments for the past four years.
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