The number of homes in Australian capital cities being sold by auction is forecast to fall short of the Spring selling season record this week, according to property data and analytics company CoreLogic.
CoreLogic said 2,968 capital city homes were scheduled for auction this week, compared to 2,848 last week and 2,990 this time last year.
This compares with 11,034 properties which are available for auction in Australia, according to realestate.com.au.
The record number of capital city auctions so far in Spring is 3,076 in the starting 21 October, which was second highest this year, behind only the Easter period (3,519).
CoreLogic said Melbourne was set to host 1,330 auctions this week, in line with last week (1,330) and below this time last year (1,410).
A total of 1,186 auctions were scheduled in Sydney this week, up from 1,062 last week and 1,063 this time last year.
Across the smaller capitals, Brisbane was set for 189 auctions, followed by Adelaide (158), Canberra (85), Perth (18) and Tasmania (2).
“Next week will see fewer auctions, with around 2,550 homes currently scheduled to go under the hammer across the combined capital cities,” CoreLogic said in its Auction Market Preview.
The combined capital city clearance rate has held below 60% for five of the last six weeks, coming in at 58.4% last week, up from 56.3% over the previous week.
This time last year, 63.1% of reported auctions were successful.
The all-time weekly home auction record in Australia was set in the week of 13-14 March 2021 during the housing market boom when more than 3,700 homes went the hammer across the country.
Typically, most capital city auctions are held in Sydney and Melbourne.