Capital city auction activity is expected to swell in the week ending Sept. 24, with the combined capitals likely to experience the busiest auction week of the year-to-date and the busiest week since late May 2022 (3,226), CoreLogic has reported.
“With 2,725 homes expected to go under the hammer, this week’s auction volumes are 17.8% higher than the 2,314 homes auctioned last week and more than double the auctions seen this time last year (1,316),” said Kaytlin Ezzy (pictured above), economist at CoreLogic.
Multiple public holidays impacted auction numbers last year. This included the Queen’s National Day of Mourning, the AFL grand final, and the sovereign’s birthday in Queensland and Western Australia.
Sydney currently has 1,094 homes scheduled for auction, with the city expected to host its busiest week since the week ending May 29, 2022, when it recorded 1,109 auctions. This week’s expected auction activity is also up 18% compared to last week’s 927 and 35.6% higher than the same period last year, when 807 auctions were held.
In Melbourne, auction activity is set to rebound 10.3% this week, with 1,083 auctions scheduled across the city, after plummeting below the 1,000-mark last week, at 982 auctions. The city’s expected auction numbers this week are more than seven times the 130 auctions seen this time in 2022, when the Queen’s National Day of Mourning and the AFL grand final saw Victoria celebrating an extra-long weekend.
Auction activity is also set to increase across the smaller capitals, with Brisbane and Adelaide both likely to see the busiest auction weeks of the year-to-date. Of the smaller capitals, the Brisbane auction market is expected to be the busiest, with 238 homes scheduled for auction. This was followed by Adelaide (182) and Canberra (108). In Perth, 19 homes are expected to go under the hammer this week, while one home is currently scheduled for auction in Tasmania.
Capital city auction activity is set to plunge to just over 1,300 next week, with five of the seven states and territories celebrating long weekends, CoreLogic said.
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