1. Capital city auction activity is expected to decrease by half this week, with only 1,324 homes scheduled to go under the hammer.
2. This decrease in auction activity is due to long weekends and public holidays in various states, including Labour Day, the King’s Birthday, and the AFL grand final.
3. Melbourne is set to have its quietest week since Easter, with only 223 homes scheduled for auction.
4. Sydney is also expecting its quietest week in seven weeks, with 805 auctions currently scheduled across the city.
5. Brisbane, Adelaide, and Canberra are all expected to see a significant decrease in auction numbers this week, while Perth and Tasmania have a smaller number of auctions scheduled.
However, auction activity is expected to rebound next week, with approximately 2,550 homes scheduled for auction.
The auction activity in Australia’s capital cities is projected to experience a significant reduction this week, with only 1,324 residential properties slated for auction. This decline is attributed to the long weekends observed in New South Wales, the Australian Capital Territory, and South Australia for Labour Day, as well as Queensland’s King’s Birthday celebrations and Victoria’s day off for the AFL grand final.
Last week marked the second busiest auction week of the current year, with a total of 2,648 homes going under the hammer. This represents a 22.2% increase compared to the same week in the previous year, which had 1,618 auctions. Notably, last year’s AFL grand final and King’s Birthday in Queensland occurred a week earlier, affecting the comparative data.
- Melbourne: The city is expected to have its least active week since Easter, with only 223 homes scheduled for auction. This comes after last week, which was the busiest since early April, featuring 1,202 auctions.
- Sydney: The city is bracing for its quietest week in nearly two months, with 805 scheduled auctions. Last week was Sydney’s busiest auction week of the year so far, with 1,017 homes auctioned.
- Smaller Capitals: Brisbane and Adelaide are expected to see their auction numbers halve, registering a decline of 53.0% and 51.1%, respectively. Canberra is also expected to see a 22.4% week-on-week fall in auction activity.
The auction activity is anticipated to rebound next week, with approximately 2,550 homes currently scheduled for auction.
This comprehensive preview provides valuable insights for property investors and first-time homebuyers alike, offering a snapshot of the current auction landscape.