Cotality’s auction market preview also forecasts auction numbers to rise in most smaller capitals. Brisbane will see 136 homes go to auction, up from 124 last week. Adelaide is set for 105 auctions, compared to 99 previously. In contrast, Canberra’s numbers are expected to fall slightly, with 55 auctions scheduled, down from 57. Perth will see 11 homes auctioned, up from nine, while Tasmania will have its first auction in three weeks.
“Auction activity is expected to rise further next week, with around 2,040 homes currently scheduled to go under the hammer across the combined capitals,” said Caitlin Fono, research analyst at Cotality.
Last week’s results showed 1,587 auctions held across the combined capitals, a marginal 0.8% increase from the previous week’s 1,575, but 16.1% lower than the 1,891 recorded a year ago. The combined capital city clearance rate improved to 68.7%, up from 67.1% the week before. At the same time last year, the clearance rate was 63.5%.
Melbourne hosted 742 auctions last week, slightly up from 730 the week prior but down from 897 a year earlier. The city’s clearance rate rose to 68.6%, compared to 65.3% the previous week and 62.3% last year.