A total of 2,401 capital city homes are scheduled for auction this week
The spring selling season is off to an impressive start, with a total of 2,401 capital city homes scheduled for auction this week, according to new data from CoreLogic.
This represents a 5.4% increase from the previous week's figure of 2,278. With these numbers, it is anticipated that this week will be the third busiest in terms of auction activity so far this year, trailing only the weeks ending Feb. 26 (2,429 auctions) and April 2 (2,687 auctions).
Last year, when the market faced weaker selling conditions, rising interest rates, and falling dwelling values, the start of the spring season was less vibrant, CoreLogic reported. During the same week last year, only 1,823 auctions were held, highlighting the significant growth in auction activity this year.
Auction activity in Sydney is expected to surpass the 1,000 mark for the second time this year, with a total of 1,010 homes scheduled for auction this week. This represents a notable 16.5% increase from the previous week's figure of 867. While this week's auction activity falls just short of the peak seen in the week ending April 2 (1,017 auctions), it stands 46.6% higher than the numbers recorded during the same week last year (689 auctions).
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Despite an anticipated 4.8% decline in auction activity compared to the previous week, Melbourne is poised to be the busiest auction market this week, with a total of 1,021 homes set to go under the hammer. The previous week saw Melbourne record its busiest week since before Easter, with 1,072 auctions taking place. By comparison, during the same week last year, 777 homes were auctioned in the city, CoreLogic reported.
Smaller Capitals
Auction activity across the smaller capitals is expected to rise by 9.1% this week. Brisbane is set to have the busiest auction market among the smaller capitals, with 155 homes scheduled for auction, marking the city's busiest week in five weeks. Canberra follows closely behind with 101 scheduled auctions, anticipating its busiest week since early April, according to CoreLogic.
Adelaide, on the other hand, is expected to experience a decline of 17.5% in auction activity. Perth is set to have eight homes up for auction, while two auctions are scheduled in Tasmania for this week.
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