Auction market expected to see a boost in activity

The week ending July 17 is expected to see a rise in auction activity, according to CoreLogic’s latest auction market preview, with a total 1,723 homes set to go on the block across Australia’s capital cities.

“This week’s expected auction volumes are up compared to the 1,628 auctions held last week but are -17.8% lower than the 2,097 auctions held this week last year,” said CoreLogic research analyst Kaytlin Ezzy. “An early view of auction volumes suggests that auction activity will rise slightly again next week, before trending lower in the weeks to follow.”

Sydney is expected to have the busiest market after several auctions were bumped up from last week. A total of 695 homes are set for auction across the NSW capital, indicating a 14.9% increase from the 605 auctions held last week. This, however, is a 9.6% drop from the 796 auctions held in the same week last year.

Additionally, Melbourne has 655 homes set for auction this week, up 4.5% from last week’s 627 auctions. This level of activity is more subdued compared to the previous year, said Ezzy, when auctions were at 967 following the end of COVID-19 lockdowns.

Auction activity in Australia’s capital cities, meanwhile, has gone down 5.8% week-on-week, driven primarily by the 21% decrease in Adelaide.

“Brisbane is set for the busiest week among the smaller capitals (152), followed by Adelaide (124) and Canberra (89),” added Ezzy. “Perth is set to host eight auctions this week, while none are scheduled in Tasmania.”