More than 2,000 homes scheduled for auction
In what is poised to be the busiest auction week since early April, the combined capitals are gearing up for a surge of real estate activity, according to the latest forecast from CoreLogic.
With a total of 2,133 homes currently scheduled for auction, this week is set to be the fifth busiest auction week of the year to date.
Anticipating a week-on-week increase in auction numbers, six out of the seven capitals are preparing for heightened activity, CoreLogic reported. The total number of auctions expected this week is projected to be 10.6% higher than the previous week's count of 1,929 and a significant 17.5% above the figures recorded at this time last year (1,816).
Leading the pack, Sydney is slated to be the epicentre of auction activity with 890 homes scheduled to go under the hammer, according to CoreLogic. This surge in auction numbers represents a 16.3% increase compared to the previous week's count of 765, and a 39.3% rise from the 639 auctions held during the same period last year. Sydney's real estate market is gearing up for its busiest week since before Easter.
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However, Melbourne is the only capital expected to witness a slight dip in auction activity this week. With 856 homes set to be auctioned, there is a marginal -2.4% decline from the previous week's count of 877, CoreLogic reported. Nevertheless, this figure is still 9.9% higher than the number of auctions held during the corresponding week last year (779).
Smaller capitals
Among the smaller capitals, Brisbane, Adelaide, and Canberra are all poised for a significant surge in auction numbers, with increases exceeding 30%, CoreLogic reported. Brisbane is expected to have the busiest auction week among the smaller capitals, as 158 homes are currently scheduled for auction.
Adelaide follows closely behind with 117 homes, while Canberra has 94 homes slated for auction. Perth has 16 homes scheduled for auction, and Tasmania is preparing for two auctions this week.
This unseasonal boost in auction volumes aligns with the recent uptick in freshly advertised listings, CoreLogic reported. Vendors are capitalising on the opportunity to beat the rush of the potentially more competitive spring selling season. As auction volumes continue to rise, auction clearance rates will serve as a crucial indicator of the alignment between buyer and seller price expectations in the coming weeks. The real estate market remains optimistic as it braces for a vibrant and active week ahead.
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