Auctions set to rebound this week from the long weekend lull

Last week was a quieter one for auction activity. 1,874 homes went to auction, a 44% drop from the week prior. The slump in volume can mostly be attributed to the long weekend in Victoria, South Australia, and the ACT, however the number of auctions was down across most other capital cities as well.

Across the combined capitals, the preliminary auction clearance rate rose to 72.1%, up from 68.8% the week prior, to be the second highest early clearance rate so far this year.

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Sydney hosted the largest volume of auctions last week, with 969 homes going under the hammer, down 16.2% from the week prior. The preliminary clearance rate recorded a sharp rise, up from 65.5% the previous week ago to 74.3%, which was the second highest preliminary clearance rate through the year to date.

Despite the long weekend, Melbourne recorded the second highest volume of auctions across the capital cities. 585 homes went to auction, a 66% fall from the previous week, but almost 100 auctions more than the same week last year. The preliminary clearance rate was down from 70.4% a week prior, easing to 67.9%, on par with the second week of February as the lowest early clearance rate so far this year.

123 auctions were held in Brisbane, a 30% drop in activity relative to the previous week. 72.1% of auctions have reported a successful result so far, down from 74.8% the week prior.

Adelaide recorded 108 auctions last week, a 19% fall on the volume of auctions the week prior. At 81.0%, the preliminary clearance rate was by far the highest of any capital, up from 75.9% the previous week.

Perth saw 144 auctions go to market, two more than the previous week, with only 55.6% reporting a positive result so far.

The volume of auctions is set to bounce back this week with approximately 2,900 homes currently scheduled to go under the hammer.