️ Highlights:
1. Just under half of all capital city auctions this week are set to take place in Melbourne, with 1,405 homes scheduled for auction.
2. Sydney is expecting 1,039 homes to go under the hammer, making it the busiest auction week for the city since December 2023.
3. Across the smaller capitals, Brisbane is set to host the most auctions with 167 homes scheduled, followed by Adelaide with 139 auctions.
4. Last week saw 2,091 homes taken to auction across all capital cities, with a final clearance rate of 68.8%.
5. Adelaide recorded the highest clearance rate last week at 74.6%, followed by Brisbane at 64.1% and Canberra at 55.1%.
The upcoming week is set to witness a significant uptick in auction activity across Australia’s combined capital cities, with 2,840 homes scheduled to go under the hammer. This marks a substantial increase of 35.8% from the previous week’s total of 2,091 auctions and is 16.9% higher than the same period last year, which saw 2,429 homes auctioned.
Melbourne and Sydney Lead the Charge
Melbourne is poised to be the epicenter of this week’s auction activity, hosting 1,405 homes, which accounts for nearly half (49.5%) of all capital city auctions. This represents a 40.9% increase from last week and a notable rise from the 1,161 homes auctioned this time last year. Similarly, Sydney is gearing up for its busiest auction week since December 10, 2023, with 1,039 homes expected to go to auction, up 50.4% from last week and 21.0% higher than the same week last year.
Steady Activity in Smaller Capitals
In the smaller capital cities, auction volumes remain relatively stable week-on-week. Brisbane is set to lead with 167 auctions, slightly down from last week’s 171, while Adelaide and Canberra are preparing for 139 and 82 auctions, respectively. Perth and Tasmania are observing quieter weeks with six and two scheduled auctions.
Last Week’s Auction Performance
The final clearance rate for the week ending 18 February 2024 was 68.8%, a slight decrease from the previous week’s 70.3%. Despite the higher auction volumes, Melbourne’s final clearance rate slightly dipped to 66.2%, while Sydney maintained a robust performance with a clearance rate of 74.2%.
Summary
The auction market is showing strong momentum as we approach the end of February, with Melbourne and Sydney leading a significant increase in auction volumes. This surge in activity, coupled with the healthy clearance rates from the previous week, underscores the continued vibrancy of Australia’s property market. As the market moves into this busy period, all eyes will be on the performance of these auctions to gauge the ongoing demand and sentiment in the housing sector.