️ Highlights:
1. Auction activity across the combined capitals is set to more than double this week, with 2,553 homes scheduled to go under the hammer.
2. Last week had the quietest auction week since Easter, with just 1,198 auctions held across the capitals.
3. Sydney will see an increase in auction activity, with 998 homes set to go under the hammer, up 39.8% from the previous week.
4. Melbourne is expected to rebound with 1,171 homes scheduled for auction, making it the city’s second busiest auction week of the year.
5. Auction activity is also expected to rise in Canberra, Adelaide, and Brisbane, with Brisbane hosting the most auctions across the smaller capitals.
Overview
Driven by a significant uptick in Melbourne, the aggregate auction activity across the major Australian capital cities is projected to experience a twofold increase this week. A total of 2,553 residential properties are slated for auction.
Previous Week’s Performance
The preceding week witnessed a subdued auction atmosphere, attributed to multiple public holidays in five out of eight states and territories. A mere 1,198 auctions were conducted, marking it as the least active week since the Easter holidays. During the same period last year, market conditions were influenced by depreciating property values and escalating interest rates, resulting in 1,815 homes being auctioned.
Sydney Market Trends
The Sydney auction market is showing robust signs of recovery. Approximately 998 homes are expected to be auctioned this week, marking a 39.8% week-on-week increase. In contrast, the previous week had 714 auctions, and the corresponding week last year saw 681 homes auctioned.
Melbourne Market Dynamics
Melbourne’s auction activity is poised for a strong rebound, with 1,171 homes scheduled for auction. This represents a 57.6% year-on-year increase and is anticipated to be the city’s second most active auction week for the current year.
Activity in Smaller Capitals
Among the smaller capital cities, Canberra, Adelaide, and Brisbane are expected to see week-on-week increases in auction activity by 54.2%, 50.6%, and 22.9%, respectively. Brisbane leads in the number of scheduled auctions with 134 homes, followed by Adelaide with 125 and Canberra with 111.
Additional Insights
Perth is expected to have 11 homes up for auction, a slight decrease from 15 in the previous week. Tasmania currently has only three homes scheduled for auction.
For a comprehensive understanding, the complete Auction Market Preview for the week ending 8 October 2023 can be downloaded from CoreLogic’s website.
Source: CoreLogic Australia