CoreLogic predicts a 12.7% rise in auction activity compared to last week
The number of auctions in the combined capital cities is expected to rise by 12.7% compared to last week's activity, according to the latest forecast from CoreLogic. A total of 1,967 homes are currently scheduled for auction, indicating a growing trend in auction volumes during the second half of winter.
This week's auction activity is up by 27.8% compared to one month ago, with 1,539 homes going under the hammer. Furthermore, it is 22.1% higher than the same time last year, when 1,611 auctions took place.
Melbourne is anticipated to be the busiest auction market this week, with 847 homes scheduled for auction across the city, CoreLogic reported. This represents a 9.7% increase from the previous week when 772 auctions were held. It also marks a 32.3% rise compared to the same time last year, when 640 auctions took place. Melbourne has consistently seen an average of 714 dwellings auctioned each week this year-to-date.
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In Sydney, 819 homes are set to be auctioned this week, reflecting an 18.4% increase from the previous week's 692 auctions, CoreLogic reported. Furthermore, it signifies a substantial 33.2% growth compared to the same time last year when 615 auctions were held. This week's activity in Sydney is the highest number of dwellings scheduled for auction since the week before Easter, which saw 1,017 auctions. It is also the third busiest week of the year-to-date, with the most active week being the last week of February, which witnessed 859 auctions.
Smaller capitals
Brisbane is expecting the largest increase in auction volumes this week, with 128 auctions, a significant 50.6% rise from the previous week's 85 auctions, according to CoreLogic. On the other hand, Adelaide is set to host 92 auctions, showing a slight decline of -12.4% from the previous week.
In Canberra, 70 auctions are scheduled, representing a -15.7% decrease week-on-week. Perth is scheduled to hold 11 auctions, up from seven in the previous week. However, no auctions are currently scheduled in Tasmania.
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