Upcoming week predicted to be the second busiest of the year
Auction activity is expected to gain momentum across the combined capitals through the first week of summer, with a total of 3,041 homes scheduled for auction, according to new data from CoreLogic.
This figure marks a 3.1% increase compared to the previous week's 2,949 auctions.
The upcoming week is predicted to be the second busiest of the year, trailing behind the week ending Oct. 29, which recorded 3,381 auctions. Notably, both Sydney and Adelaide are preparing for their busiest auction week of the year, CoreLogic reported. In comparison to the same period last year, auction numbers were 16.6% lower, with only 2,537 homes auctioned across the capitals.
Melbourne is set to experience a 6.1% surge in weekly auction numbers, with 1,389 homes scheduled to go under the hammer. This surpasses the previous week's total of 1,309 auctions and is a significant increase compared to the 1,158 auctions held during the same period last year.
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Meanwhile, auction activity in Sydney is projected to rise by 0.6% this week, following the busiest auction week of the year so far, which saw 1,142 homes go to auction. The current week is expected to host 1,149 auctions, CoreLogic reported. These numbers represent a 58.7% increase compared to the weekly average seen throughout the year (724) and a 29% increase from the 891 auctions conducted during the same week last year.
Smaller capitals
Among the smaller capitals, Adelaide is poised to have the most active auction week with 190 homes currently scheduled for auction, reflecting a 21.8% increase compared to the previous week. Brisbane, on the other hand, is expected to experience an 11.1% decline in weekly auction numbers to a total of 177, according to CoreLogic.
In Canberra, 118 auctions are currently scheduled, indicating a slight decrease of 3.3%. Perth will witness 16 homes going under the hammer, while Tasmania is expected to have only two auctions this week.
The strong auction activity witnessed in the coming weeks is likely to persist before easing during the festive season. These weeks will serve as a crucial indicator of market conditions and provide valuable insights into how the real estate landscape may unfold in early 2024, CoreLogic reported.
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