Decrease likely the beginning of customary seasonal drop
Auction activity in capital cities is predicted to experience a decline of -4.9% week-on-week, with 1,850 homes set to go under the hammer, compared to the 1,945 auctions conducted last week, according to new projections from CoreLogic.
This decrease is likely the beginning of the customary seasonal dip in auction activity during winter when the number of weekly auctions typically decreases, as many vendors prefer to wait until spring to bring their properties to the market. Last year at this time, a reduction of -6.5% occurred week-on-week, with 2,364 homes auctioned across the combined capitals.
Sydney is poised to host the most auctions this week, with 782 homes scheduled throughout the city. Despite the seasonal slowdown, this represents a 2.4% increase from the 764 auctions held last week. However, it marks a decline of -12.1% compared to the 890 auctions conducted during the same period last year, CoreLogic reported.
Consistent with national trends, Saturday remains the preferred day for auctions in Sydney, accounting for 79.5% of the week's activity. Moreover, Sydney is scheduling a higher percentage of weekday auctions (15.6%) compared to the combined capitals average (14.0%). The local government area (LGA) of Blacktown in Western Sydney is expected to host the most auctions this week, with 63 properties going under the hammer.
Read next: Property values soar in suburban areas
In Melbourne, 748 homes are scheduled for auction, a decline of -13.4% compared to the 864 auctions held last week. It also represents a substantial drop of -25.2% compared to the 1,000 auctions conducted during the same period last year. Unit auctions account for 35.7% of this week's activity, a significant increase from the 17.4% recorded last week.
The south-eastern LGA of Monash is set to be the busiest auction area this week, with 51 auctions scheduled. However, the traditionally active summer market in Mornington Peninsula LGA will host only seven auctions.
Smaller capitals
Among the smaller capital cities, auction activity remains stable, with 320 auctions scheduled, a slight increase from the 317 auctions held last week.
Brisbane continues to have the highest number of auctions among the smaller capitals, with 125 homes set to go under the hammer, representing a decline of -10.1% from last week's 139 auctions. Adelaide follows with 105 homes scheduled for auction, a decrease of three auctions from last week's 108.
Canberra is expected to host 80 auctions, showing a significant increase of 53.8% compared to last week's 52. In Perth, nine homes are scheduled for auction, five fewer than last week, while Tasmania will see one home go up for auction.
Looking ahead to the following week, capital city auction activity is projected to decrease by approximately -13%, with around 1,600 homes currently scheduled for auction.
Have something to say about this story? Let us know in the comments below.
