After slowing over the long weekend, auctions are poised for a comeback
Auction activity in the combined capitals is poised to experience a significant surge this week, largely propelled by a rise in Melbourne, according to new data from CoreLogic.
A total of 2,553 homes are scheduled to go under the hammer, effectively more than doubling the auction activity compared to the previous week.
The previous week witnessed a subdued auction market due to multiple public holidays in five out of the eight states and territories. Only 1,198 auctions were conducted across the capitals, marking the quietest auction week since Easter. A year ago, a combination of declining property values and escalating interest rates led to a mere 1,815 homes being auctioned during the same period.
In Sydney, the upcoming week promises a substantial increase in auction activity, with 998 homes set to go under the hammer, CoreLogic reported. This figure represents a 39.8% rise compared to the previous week, which saw 714 auctions taking place. In comparison to the same time last year, when 681 homes were auctioned, this week's numbers indicate a significant upswing.
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Meanwhile, Melbourne, having experienced a decline in scheduled auction activity last week, is poised for a rebound. A staggering 1,171 homes are scheduled to be auctioned, positioning this week as the city's second busiest auction week of the year thus far, according to CoreLogic. This figure represents a 57.6% increase compared to the corresponding period last year, when weaker selling conditions resulted in only 743 homes being auctioned.
Smaller capitals
A rise in auction activity is anticipated across Canberra (54.2%), Adelaide (50.6%), and Brisbane (22.9%) on a week-on-week basis, CoreLogic reported. Among these cities, Brisbane is expected to host the highest number of auctions, with 134 homes scheduled to go under the hammer. Adelaide follows closely with 125 auctions, while Canberra is set to see 111 homes auctioned.
In contrast, Perth's auction activity is slated to decrease slightly, with 11 homes scheduled for auction compared to the previous week's 15. Similarly, Tasmania is currently slated to witness only three homes being auctioned.
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