This week is poised to see the highest auction activity since early April
This week is poised to be the busiest in terms of auction activity in Australia's combined capital cities since early April, with 2,377 homes scheduled to go under the hammer, according to new projections from CoreLogic.
Surpassing last week's figure of 2,037, this represents a significant increase of 16.7%. The consecutive rise in auction numbers for the third week in a row indicates a growing momentum in the real estate market as spring approaches, CoreLogic reported. In comparison, the same week last year saw a decline of 15.6% with 2,006 homes auctioned.
Melbourne is expected to witness its busiest auction week since before Easter, with over 1,000 homes currently scheduled for auction. This reflects a substantial increase of 27.1% compared to last week's figure of 841 and a 28.5% rise compared to the same period last year (832).
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Similarly, Sydney is set to experience its most active week since early April, with 962 auctions anticipated, according to CoreLogic. Auction numbers have been steadily increasing for the past three weeks, with a 17.6% rise from last week's 818 and a 23.5% increase compared to the 779 auctions held at this time last year.
Smaller capitals
In contrast, the smaller capital cities are expected to have a quieter auction market this week, with an overall decline of 8.5%. Brisbane is projected to have the busiest week among the smaller capitals, with 126 auctions scheduled compared to 153 last week. Canberra's weekly auction activity is expected to decrease by 7.7% to 84, while Adelaide is set to have its most active auction week since early May, with 125 auctions scheduled – a 7.8% increase from the previous week.
Perth will see a decline in auction numbers, with only 11 currently scheduled, down from 16, and no auctions are scheduled in Tasmania this week.
Looking ahead to next week, auction activity is expected to remain steady, with just under 2,400 capital city auctions currently scheduled.
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