Auction numbers to bounce back after the Federal Election

Auction volumes are set to rise sharply this weekend following lower volumes last week as a result of the Federal Election.

There are 2663 auctions scheduled across the capital cities this Saturday, up 141.2 per cent compared to last week according to Domain.

It will be the second busiest weekend of the year nationally and in Sydney, the third busiest weekend in Melbourne and Adelaide, and the fifth busiest in Brisbane.

Domain Chief of Research and Economics, Dr Nicola Powell said auction volumes should continue to rise.

“Auction listings are up annually across all the capital cities this week, ending the downward trend seen recently but this is expected to continue in the coming weeks,” Dr Powell said.

“A shift towards a buyer’s market could see the number of sold prior and withdrawn auctions increase and a change in seller price expectations as market conditions continue to soften.”

Last Saturday saw clearance rates rise from the previous week across the combined capitals with all cities seeing a weekly increase except Adelaide.

The combined capital auction clearance rate is sitting at 64.4 per cent, 7.3 percentage points lower than the 71.7 per cent seen this time last year.

This continues the downward trend in clearance rates annually in 2022, but ends the run of double-digit decline seen consistently since March.

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Rowan Crosby

Rowan Crosby is a freelance journalist specialising in finance and real estate.