Auction activity is anticipated to remain stable this week, according to CoreLogic
Anticipated auction activity in capital cities is projected to remain stable this week, with a total of 1,975 homes expected to be auctioned across the combined capitals, according to a CoreLogic report.
This reflects a slight increase of 2.8% compared to the previous week's 1,921 auctions, but a significant decline of 38.8% compared to the same period last year, when 3,226 homes went under the hammer.
However, the higher volume of auctions in the corresponding week of 2022 was a result of a drop in auction numbers due to the federal election, CoreLogic reported.
Larger capitals
Melbourne is predicted to have the highest number of auctions this week, with 878 homes scheduled. This figure is slightly higher by 2.5% compared to the 857 auctions held last week but significantly lower by 42% compared to the 1,478 auctions held during the same period last year, CoreLogic reported.
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In Sydney, 745 homes are scheduled for auction this week, a minor decrease of two auctions from the previous week's 747 auctions. It also represents a substantial decline of 32.6% compared to the 1,109 auctions held in the same week last year.
Smaller capitals
The smaller capital cities are expected to experience a slight increase in auction activity, with a total of 336 auctions scheduled. Among them, Brisbane is projected to have the busiest week with 144 homes set for auction, marking an 18% increase from the previous week's 122 auctions. Adelaide follows with 117 auctions, reflecting an 11.4% rise from the previous week's 105 auctions.
Canberra will have 75 auctions, three more than the previous week. Perth will see 16 homes go under the hammer, two less than last week, while no auctions are scheduled in Tasmania this week.
Looking ahead, CoreLogic expects capital city auction activity to decrease slightly in the following week, with approximately 1,890 homes currently scheduled for auction.
The return of overseas buyers is giving the market a welcome push, with residential prices in Sydney increasing by 4.8% since February.
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