Australia anticipates an auction extravaganza with a mammoth 3,186 homes lined up

In a remarkable upsurge in real estate activity, Australia prepares to witness what might be the second-largest auction week of the year with an impressive 3,186 homes slated to go under the hammer. CoreLogic’s data suggests a bustling period ahead, with auction activity in the combined capital cities expected to surge by a significant 7.5 percent from the preceding week.

Sydney and Adelaide are making headlines, ready to smash their annual records with auction numbers that surpass the peaks observed in spring. The harbour city is eyeing an increase of 6.3 percent from last week with an overwhelming 1,149 homes, topping the 964 properties auctioned the same time last year. Adelaide is not far behind, as it looks to narrowly eclipse last week’s 190 homes by preparing for 194 auctions – marking it the busiest it’s been all year.

Melbourne takes the crown this time around, boasting the title of Australia’s auction capital with an outstanding 1,462 homes lined up, marking a jump of 19.2 percent compared to this point last year.

Smaller capital cities are also sharing in the buzz; Brisbane is set for its busiest week with 220 homes, whereas Canberra anticipates 140 auctions. Even Perth is getting into the spirit, with 21 homes expected to be auctioned off.

Last week was a notable preamble, with 2,963 homes up for grabs. Despite a continued slump in the clearance rate, which stood at 57.8 percent, Sydney exhibited a marginally better outcome than Melbourne, with 62.5 percent of auctions successful, compared to Melbourne’s 58.4 percent. However, it wasn’t all smooth sailing for Sydney, which saw a high withdrawal rate of 15.7 percent from auctions, and a significant 21.7 percent passed in.

Adelaide proved to be the standout performer, the only city to boast a clearance rate over 70 percent, showing a robust final rate of 70.5 percent.

Looking ahead, CoreLogic anticipates the auction fervour to dial back a touch as Australia begins to wind down for the holiday season. Nonetheless, this week’s numbers suggest a heated market, keen to end the year on a high note.