The combined capitals are set to host the busiest auction week since early April (2,687) and the fifth busiest auction week of the year-to-date, with 2,133 homes currently scheduled for auction.
With six of the seven capitals expecting a week-on-week rise in auction numbers, this week's activity is set to be 10.6% higher than the 1,929 held across the capitals last week and 17.5% above the level seen this time last year (1,816).
Sydney is set to be the busiest auction market this week, with 890 homes scheduled to go under the hammer. Shaping up as the city's busiest week since before Easter, this week's auction numbers are up 16.3% compared to last week (765) and 39.3% above the 639 auctions held this week last year.
Melbourne (856) is the only capital set to see auction activity fall this week, down -2.4% from last week (877), although 9.9% higher than this time last year (779).
Across the smaller capitals, auction activity is expected to rise, with Brisbane (31.7%), Adelaide (31.5%), and Canberra (38.2%) all expecting auction numbers to increase by more than 30% this week. Brisbane is expecting the busiest auction week across the smaller capitals, with 158 homes currently scheduled for auction, followed by Adelaide (117) and Canberra (94). In Perth, 16 homes are currently scheduled for auction, while two auctions are set to occur in Tasmania this week.
The unseasonal 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. 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.
The complete Auction Market Preview for the week ending 20 August 2023 can be downloaded below