1. Capital city auction activity is expected to rise 7.5% this week, with 3,186 homes scheduled for auction.
2. This week will be the second busiest auction week of the year for the combined capital cities, with numbers only surpassed by the week ending October 29th.
3. Sydney is expecting a 6.3% increase in auction numbers, making it the busiest week of the year for the city.
4. Melbourne will also have its second busiest week of the year, with a 6.3% increase in auction numbers compared to last week.
5. Brisbane is set to have the busiest auction week among the smaller capitals, followed by Adelaide. Auction activity is expected to ease next week due to the approaching festive season.
A Comprehensive Overview of the Upcoming Auction Market
The auction market in Australia’s capital cities is poised for a significant uptick, with a 7.5% increase in activity expected this week, translating to 3,186 homes scheduled for auction. This surge positions the week as the second busiest of the year, trailing only the week ending 29th October, which saw 3,381 auctions. Compared to the same period last year, the numbers reflect a notable increase, with last year’s figures standing at 2,717 homes, marking a 14.7% decrease.
City-Specific Auction Trends and Expectations
- Sydney: The city is anticipating a 6.3% rise in auction numbers, with 1,149 homes set to be auctioned, surpassing the final week of Spring as Sydney’s busiest auction week of the year. This is a significant increase from the previous week’s 1,081 homes and last year’s 964 auctions.
- Melbourne: Preparing for its second busiest auction week of the year with 1,462 scheduled auctions, Melbourne is experiencing a 6.3% increase from last week and a substantial 19.2% rise compared to the same week last year.
- Smaller Capitals: Brisbane leads the smaller capitals with 220 scheduled auctions, marking a 22.9% week-on-week increase. Adelaide follows with 194 auctions, set to surpass last week’s count as the busiest week of the year. Canberra and Perth are also expecting increases in auction activity, with 140 and 21 homes scheduled, respectively. Tasmania, however, has no auctions planned for the week.
Short-Term Outlook and Market Dynamics
The auction market is expected to experience a slight easing in activity in the upcoming week, aligning with the anticipated slowdown during the festive season. This fluctuation in auction numbers offers valuable insights into the dynamics of the property market, reflecting both seasonal trends and underlying economic factors.
The upcoming week in the auction market is set to be a pivotal period for Australia’s capital cities, with significant increases in auction numbers indicating robust activity. This surge not only underscores the vibrancy of the property market but also provides potential buyers and investors with ample opportunities. As the market heads towards the festive season, these trends offer a critical snapshot of the current state of the real estate sector, guiding stakeholders in their decision-making processes.