Auction Frenzy: Over 2,600 Homes Set for Auction This Week

More than 2,600 homes are scheduled to go under the hammer this week, marking a significant increase compared to recent weeks and the same period last year. Melbourne and Sydney are leading the charge, with over 1,000 auctions each.

Key highlights:

• Record-breaking auction volumes: Capital city auction volumes are expected to reach a new high this year, with over 3,000 homes set for auction next week.
• Melbourne and Sydney dominate: These two cities continue to see the highest number of auctions, with Melbourne surpassing 1,000 homes for the third consecutive week.
• Smaller capitals also active: Brisbane, Adelaide, Canberra, and Perth are also experiencing increased auction activity, though on a smaller scale.

Last week's results:

• Clearance rates improve: The combined capital city clearance rate rose slightly to 60.8%, up from 59.5% the previous week.
• Melbourne and Sydney lead: Melbourne and Sydney both saw clearance rates above 60%, while Brisbane and Adelaide also recorded solid results.

Overall, the Australian housing market remains active, with strong auction activity indicating continued demand for residential properties.