Bidders gather at a home during an auction at Glen Iris in Melbourne
Home auctions across Australia are up 13.3 per cent on the same week last year. Image by Diego Fedele/AAP PHOTOS
  • construction and property

Auction interest shows no signs of slow down

Andrew Brown February 17, 2024

The prospect of interest rates remaining high for the rest of the year has done little to dampen the enthusiasm of home sellers, ahead of a surge in auction activity.

Saturday will see 2091 dwellings go under the hammer across the capital cities, up by more than 27 per cent compared to the week before, according to CoreLogic data.

Despite the Reserve Bank being tipped not to make a move to cut interest rates until the second half of 2024, auction numbers are up 13.3 per cent from the same week in 2023.

Melbourne’s market is set to account for nearly half of all homes set to go up for grabs on the weekend, with 966 scheduled, a 45.5 per cent rise from the week before.

Meanwhile, Sydney has also recorded an almost 14 per cent jump in scheduled auctions for Saturday, with 737.

Brisbane will host 167 auctions, with 135 earmarked for Adelaide and 77 in Canberra, while there will be eight in Perth and three in Tasmania.

Saturday’s auctions comes after the national housing market registered its highest clearance rate in eight months.

For the week ending February 11, the final clearance rate was 70.3 per cent, with 1642 homes taken to market.

The clearance rate nationally was the highest its been since the week ending June 4 in 2023, which had a 73.1 per cent rate.

“The previous week recorded a clearance rate of 68.3 per cent, while this time last year, 62.8 per cent of auctions were successful,” the CoreLogic report said.