Auction numbers poised to exceed 3,000 for only the second time this year
Auction numbers in capital cities are poised to surpass the 3,000 mark for only the second time this year, according to new data from CoreLogic.
A total of 3,133 homes are currently slated to go under the hammer across the combined capitals, making this week the second busiest in terms of auction volumes.
Compared to the previous week's figures of 2,656 auctions, this week's numbers have seen a significant 18% increase, CoreLogic reported. Auction activity has witnessed an upward trend in five out of the seven capital markets. Furthermore, this week's figures show a 36.3% surge compared to the same period last year, when 2,298 homes were auctioned amidst weaker selling conditions.
Sydney is gearing up for its busiest auction week of the year, with 1,169 auctions scheduled across the city. This surpasses the previous peak recorded in the week ending Oct. 29, which saw 1,071 auctions. The current figures represent a 14.6% increase from the previous week's 1,020 auctions and a 50.3% surge from the 778 auctions held during the same timeframe last year.
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Melbourne, another bustling market, is also anticipating a surge in auction activity. This week, 1,444 homes are set to go under the hammer, marking a 22.3% increase compared to the previous week's 1,181 auctions. Similarly, this represents an even more substantial spike of 43.5% compared to the 1,008 auctions held during the equivalent period last year. However, it is worth noting that this week's figures fall short by 16.3% when compared to the exceptional Super Saturday event held three weeks ago, where 1,725 homes were auctioned.
Smaller capitals
Brisbane is set to dominate the smaller capital markets, with 203 scheduled auctions, surpassing the 200 mark for only the fifth time this year. Adelaide, on the other hand, is experiencing its busiest week so far this year, with 188 homes currently scheduled for auction, representing a 19.0% increase from the previous week.
Canberra and Perth are expecting a decline in weekly auction activity, with anticipated decreases of -14.1% and -12.5%, respectively. In Tasmania, five auctions are expected to take place this week, contributing to the overall auction activity across the country.
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