Auction markets in Australia's major cities are experiencing a resurgence following the Easter long weekend, with 2,057 properties expected to go under the hammer in capital cities this week, a significant increase compared to 901 last week and 652 this time last year (also Easter).
Sydney's market is particularly busy this week, with 942 properties expected to go under the hammer, up from 414 last week and 371 last year. Auction volumes were lower last year and last week due to the Easter holiday. Melbourne is also expected to see a surge in auctions, with 811 properties expected to go under the hammer this week, compared to 283 last week and 108 last year.
Among the smaller capital cities, Brisbane is expected to hold 119 auctions this week, followed by Adelaide (113), Canberra (63), Perth (8) and Tasmania (1). Preview data suggests that the capital cities combined will have just under 2,000 properties auctioned next week (ending April 14).
The latest statistics show that in the week ending March 31, 2024, the comprehensive clearance rate of capital cities was 64.8%, among which Sydney, Melbourne, Brisbane and Adelaide recorded clearance rates of 68.8%, 60.3%, 60.6% and 75.9% respectively.
Last week, 901 properties were taken to auction in the capital cities, making it the second busiest Easter auction season on record, behind only the 926 auctions at Easter 2022. Last week's aggregate city final clearance rate was 64.81 TP3T, down slightly from 65.81 TP3T the previous week and the lowest on record since December 17, 2023.
Melbourne and Sydney recorded final clearance rates of 60.31 and 68.81 respectively, demonstrating continued interest in properties. Adelaide led the other smaller capital cities with a clearance rate of 75.91, demonstrating the stability and attractiveness of the market.
As the market recovers, the increase in auction activity indicates that the Australian real estate market is gradually regaining its vitality, attracting a large number of buyers and investors. This trend not only demonstrates the resilience of the real estate market, but also sets a positive tone for market activity in the coming weeks.
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