Auction activity is expected to decrease again this week
Auction activity is expected to decrease this week in the Australian property market, with a total of 1,487 homes scheduled for auction across the combined capitals, according to projections by CoreLogic.
This marks the quietest week in 11 weeks, excluding the week of the June long weekend.
The number of properties up for auction is 3.6% lower than the previous week, aligning with the typical trend of reduced auction numbers during school holidays and other seasonal factors. In comparison to the same week last year, auction activity is down by 8.7%, CoreLogic reported.
Among the capital cities, Sydney is anticipated to be the busiest auction market this week, with 621 homes scheduled for auction. This is a decrease of 8.1% from the previous week but a slight increase of 2.6% compared to the same period last year.
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In Melbourne, there are 582 auctions scheduled, reflecting a 5.8% increase from the previous week but a decline of 7.2% compared to last year.
Smaller capitals
In the smaller capital cities, Brisbane and Adelaide are set to host 102 auctions each, representing declines of 22.1% and 8.9%, respectively, from the previous week. Auction numbers in Brisbane are down by 29.2% compared to the same period last year, while Adelaide has experienced a 35.0% decrease, according to CoreLogic.
Canberra has 72 auctions scheduled for this week, a slight increase of 5.9% from the previous week but down by 18.2% compared to last year. Perth has eight homes scheduled for auction, up from six in the previous week. There are no auctions scheduled in Tasmania for this week.
Beyond the capital cities, the Gold Coast SA4 region is expected to have the highest number of auctions, with 51 homes set to go under the hammer. This represents a decrease of 21.5% from the previous week, CoreLogic reported.
The projected slowdown continues a trend of falling auction volumes heading into the winter slump, with last week’s preliminary clearance rates hitting a nine-week low.
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