A notable uptick in auctions is expected, defying the typical seasonal trend
The upcoming week is expected to see a notable rise in scheduled property auctions across Australia's major cities, defying the typical seasonal trend, according to the latest report from CoreLogic.
CoreLogic forecasts a 16.7% week-on-week increase, with 1,796 auctions scheduled to take place.
Sydney is set to witness the highest number of auctions among the major markets, with 736 properties going under the hammer, marking a 21.5% surge compared to the previous week. In Melbourne, the number of dwellings up for auction is also expected to rise slightly, reaching 689 homes, a 6.0% increase from the previous week, CoreLogic reported.
Brisbane is experiencing the most significant week-on-week increase among the remaining major cities, with 172 homes scheduled for auction, up a notable 67% from the prior week, bolstered by 29 properties to be auctioned in an in-room event on Saturday.
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Auction activity in Adelaide and Canberra is expected to rise to 115 and 67 dwellings, respectively, while Perth is set to host 13 auctions. However, no auctions are currently scheduled in Tasmania for the upcoming week, according to CoreLogic.
The surge in auction volumes goes against the usual seasonal pattern, which usually sees flat to declining auction volumes. This increase will serve as a crucial test of buyer demand's depth in the current real estate market, CoreLogic said.
According to an early count, the combined capital cities are expected to host just over 2,000 homes for auction in the following week, continuing the upward trend in auction activity.
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