Auction numbers are set to increase for the fifth straight week, according to CoreLogic
Auction activity is on an upward trend across the combined capitals, set to increase for the fifth consecutive week, according to projections from CoreLogic.
Currently, there are 2,357 capital city homes scheduled for auction, surpassing the previous week's numbers. This marks the busiest week since early April and the third busiest of the year-to-date.
To put it into perspective, last week saw 2,286 homes go under the hammer, while this time last year, 1,918 homes were auctioned, CoreLogic reported.
In Melbourne, the auction capital, more than 1,000 auctions are set to take place for the third consecutive week. Specifically, 1,035 homes are currently scheduled to go under the hammer, according to CoreLogic. This represents a 2.6% increase compared to last week's 1,009 auctions and a substantial 22.2% rise from the 847 auctions held during the same week last year.
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Sydney's auction activity is also experiencing an upward trend. With 958 homes scheduled for auction, up from 913 the previous week and 698 during the same period last year, the city is set to see a rise in auction activity for the fifth consecutive week. This week's 4.9% increase is expected to make it the busiest week since before Easter (1,017 auctions) and the second busiest of the year-to-date, CoreLogic reported.
Smaller capitals
Among the smaller capitals, auction activity is expected to hold steady. While Brisbane and Canberra are experiencing declines of 14.7% and 5.3%, respectively, Adelaide is witnessing a significant rise of 25.2%, and Perth is experiencing a substantial increase of 50%.
Brisbane is expected to have the busiest auction market among the smaller capitals this week, with 133 auctions, followed by Adelaide with 129 auctions and Canberra with 90 auctions. On the other hand, Perth is set to host 12 auctions, while no auctions are currently scheduled to occur in Tasmania, CoreLogic reported.
Looking ahead, capital city auction activity is projected to continue trending higher in the coming weeks, with approximately 2,450 auctions scheduled for next week.
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