Australia braces for second busiest auction week of 2023

Following last week’s activity rebound, CoreLogic is reporting a 7.1 per cent volume increase will occur across the country this coming week.

The week ending 26 March 2023 will see 2,384 homes go under the hammer Australia-wide, up from 2,226 the week earlier, which reported a final clearance rate of 64.2 per cent. That was the first time less than 65 per cent of national auctions returned a positive result since the week ending 12 February.

Melbourne is set to be the busiest Australian market this week with 1,160 auctions expected, up 10.8 per cent on last week’s 1,047. A 2 per cent increase saw the Victorian capital’s final clearance rate jump to 64.8 per cent.

Having seen 77.5 per cent of its 71 auctions record a successful result, the city’s outer east ended the week as Melbourne’s strongest-performing sub-region, while the capital’s west, where 50.5 per cent of the 107 auctions returned a positive result, marked it as the weakest-performing area.

In Sydney, 851 homes are expected to go under the hammer, up 8.8 per cent on the week prior, yet 22.9 per cent lower than the same week last year (1,104). Last week’s final clearance rate in the city was 67.9 per cent.

Across the harbour city, Blacktown was the strongest-performing sub-region after 80 per cent of the western suburb’s 53 auctions ended in a successful result. Conversely, the Central Coast was the poorest-performing sub-region in the NSW capital, registering a final clearance rate of 31.8 per cent from 22 auctions.

Brisbane is shaping to be the busiest of the smaller capital cities, with the Queensland capital set to host 132 auctions, followed by Adelaide’s 130, while Canberra’s 93 round out the podium positions.

In Perth, 14 homes are scheduled to go under the hammer, with four expected in Tasmania. 

Leave a comment

Your email address will not be published. Required fields are marked *