Auction activity across the capital cities continued to improve for the second consecutive week over the past weekend.
According to CoreLogic, capital cities hosted 2,266 auctions over the weekend, the busiest since late June.
On an annual basis, however, the number of homes taken to auction over the weekend was 39.1% lower than in 2021, when selling conditions were much stronger.
Overall, auctions over the weekend reported a clearance rate of 63.1%, higher from last weekend.
In Sydney, 766 homes went under the hammer — this is lower compared to last week, but the city’s clearance rate rebounded to 67.5%
Melbourne was the busiest city for auctions over the past week, with 981 homes up for grabs.
Melbourne returned a 65.5% clearance rate, which reflect another improvement from the previous weekend.
Across smaller cities, Brisbane reported the highest auction volume at 201, followed by the 154 auctions in Adelaide, and 131 in Canberra.
CoreLogic economist Kaytlin Ezzy said auction activity is set to rise further as the market approach the peak in seasonal activity.
“Around 2,450 auctions are scheduled to be held — close to 1,000 auctions are scheduled for both Sydney and Melbourne next week, providing a timely test of the market’s depth of demand,” she said.
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Photo by kanchanachitkhamma on Canva.
