After a spike the previous week, scheduled auctions creep down
Auction activity is expected to decline slightly across the combined capitals this week, with a total of 2,371 homes set to go under the hammer, according to new data from CoreLogic.
Although this figure represents a decline of 3.1% from the 2,446 homes auctioned last week, it is 36.2% higher than the same period last year, when only 1,741 homes were sold.
Despite a projected 10.4% decrease in auction activity compared to the previous week, Melbourne is poised to be the busiest auction market this week, with 1,032 homes scheduled for auction across the city. Last week, Melbourne witnessed its busiest auction week since Easter, with a total of 1,152 homes auctioned, CoreLogic reported. In comparison, the numbers were 33.1% lower during the same period last year, with only 690 homes up for auction.
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Sydney, on the other hand, expects 981 homes to go under the hammer this week, showcasing a 6.5% increase from the previous week's 921 auctions. Moreover, this figure represents a significant surge of 47.7% compared to the same time last year when only 664 homes were auctioned.
Smaller capitals
Amongst the smaller capitals, Adelaide is set to overtake Brisbane as the busiest market this week, with 124 scheduled auctions, a slight decline from the previous week's 125 auctions. Brisbane, on the other hand, is expecting an 11.9% decrease in auction activity, with 119 homes set to go under the hammer.
Canberra is anticipated to witness a 4.1% increase in auction numbers, with 102 homes scheduled for auction. Perth will host 12 auctions, maintaining the same level as the previous week, while only one home is slated for auction in Tasmania.
Early indications suggest that auction activity will trend upwards in the coming weeks, with projections indicating more than 2,500 capital city auctions expected to be held next week.
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