Australian auction market to hold its second busiest weekend for 2023

This weekend is set to see 2,436 homes head under the hammer. Melbourne will play host to over 1,000 auctions again this weekend. The final clearance rate for last week was 65.8%.

The second busiest auction weekend for this year is coming up, with 2,436 homes set to go under the hammer, according to CoreLogic.

The latest figure represents a 7.1% rise from last weekend (2,275) and a 10.6% rise on last year’s 2,203 auctions.

Melbourne continues its strong run of auction activity this weekend, with 1,008 scheduled for auction. While this is a marginal decline from last week’s 1,016, it is the fourth consecutive week where over 1,000 homes were scheduled to go under the hammer.

Sydney is likewise expecting over a thousand homes to head to auction (1,010), with this weekend set to be the city’s second busiest for the year. This weekend’s figures are 12.5% higher than last week, and 30.8% higher than last year.

City Number of auctions Melbourne 1,008 Sydney 1,010 Brisbane 180 Adelaide 125 Canberra 104 Perth 9

Source: CoreLogic.

Brisbane’s auction figures for this weekend are 36.4% higher than last week.

Tasmania does not have any auctions scheduled.

Clearance rate rises

Last week ultimately saw 2,275 homes go to auction, with the final clearance rate (65.8%) recording a 40 basis point lift. This ended the downward trend seen in clearance rates across the previous two weeks.

While an uplift was recorded, clearance rates were below the early June peak of 73.1%, but remained on par with the 10-year average of 65.9%, indicating a relatively balanced market.

Sydney recorded a decline in auction activity, down 1.6% to 898 homes. Clearance

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