Various long weekends and public holidays expected to temporarily pump the brakes on auctions
Capital city auction activity is expected to decrease significantly this week, with only 1,324 homes currently scheduled to go under the hammer, according to new data from CoreLogic.
This decline in auction numbers can be attributed to various long weekends and public holidays across different states in Australia. In New South Wales, the Australian Capital Territory, and South Australia, the Labour Day holiday is being observed. Queensland is celebrating the King's Birthday, and Victoria is taking Friday off for the AFL Grand Final.
This week is anticipated to be the quietest in terms of auction activity since mid-June, when 1,033 homes were auctioned In contrast, the previous week recorded the second busiest auction week of the year so far, with 2,648 homes going under the hammer. Compared to the same week last year, auction activity has increased by 22.2%, CoreLogic reported. It is worth noting that last year, the AFL Grand Final and the King's Birthday in Queensland fell on the week prior to this week.
Melbourne is expected to have its quietest auction week since Easter, with only 223 homes scheduled for auction. In contrast, the previous week was Melbourne's busiest since early April, with 1,202 homes going under the hammer. Compared to the same week last year, when 833 homes were auctioned, this week's auction activity is significantly lower.
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Sydney is also expecting a decrease in auction activity, with 805 auctions currently scheduled across the city. This week is anticipated to be Sydney's quietest in seven weeks, according to CoreLogic. Last week, Sydney recorded its busiest auction week of the year so far, with 1,017 homes being auctioned. In comparison, during the same week last year, 484 homes were auctioned.
Smaller capitals
Across the smaller capitals, both Brisbane and Adelaide are set to see a significant decrease in auction numbers this week. Brisbane is expected to have 111 auctions, a decrease of 53% compared to the previous week. Adelaide is also anticipating a halving of auction numbers, with only 86 homes scheduled to go under the hammer, a decrease of 51.1%, according to CoreLogic.
Canberra is expected to experience a 22.4% decrease in auction activity, with 83 homes scheduled for auction. Perth is expecting 14 auctions this week, down from 19 the previous week, while Tasmania has two homes currently scheduled for auction.
Next week, there is expected to be a rebound in capital city auction activity, with approximately 2,550 homes currently scheduled for auction. This increase in auction numbers indicates a potential return to higher levels of activity in the real estate market, CoreLogic reported.
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