After a slump in volumes last week, auctions are expected to be back in force
Auction activity is expected to increase by 39.2% this week, following a decline in activity last week, according to new data from CoreLogic.
With a total of 2,816 capital city homes scheduled for auction, this week is poised to become the second busiest of the year, surpassing the week ending April 2 when 2,687 homes were auctioned.
The only week that saw higher auction numbers was the week ending Oct. 29, which featured a Super Saturday event and saw 3,381 homes go under the hammer. Comparatively, this time last year, 2,170 homes were auctioned across the capitals, CoreLogic reported.
In Melbourne, the city is gearing up for its second busiest auction week of the year, with 1,218 homes currently slated for auction. This is a significant increase of 160.3% from the previous week, when auction numbers dropped due to the start of the Spring Racing Carnival. Moreover, this week's anticipated auction numbers are 29.9% higher than the 938 recorded during the same week last year.
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Sydney is also expecting a bustling auction week, with 1,125 homes scheduled for auction. This will surpass the week ending May 29, 2022, when 1,109 homes were auctioned, making it Sydney's busiest auction week since mid-April 2022, when 1,490 homes went under the hammer. The current scheduled volume of auctions is 6.2% higher than last week's numbers (1,059) and shows a significant 45.2% increase compared to this time last year when 775 auctions took place.
Smaller capitals
Among the smaller capitals, Adelaide is predicted to be the busiest auction market for the second consecutive week, despite an expected decline of -8.4% in weekly auction activity. Canberra is also anticipating a decrease (-11%) in auction activity, with 130 homes set to be auctioned.
Brisbane, on the other hand, is looking at a 4.7% increase in auction numbers, with 157 homes scheduled for auction. In Perth, 20 homes are expected to go under the hammer, while three auctions are anticipated in Tasmania this week.
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