️ Highlights:
1. Auction activity is expected to decrease across the combined capitals this week as the festive season approaches. The volume of auctions is set to fall by -3.2% compared to the previous week.
2. Melbourne will have the highest number of auctions, with 1,412 homes expected to go under the hammer. This is only a slight decrease of -0.2% from the previous week.
3. Sydney will see a significant decrease in auction numbers, falling below 1,000 for the first time in eight weeks. There are currently 972 auctions scheduled, a decrease of -9.3% from the previous week.
4. Adelaide is set to have its busiest auction week of the year, with 199 homes scheduled for auction. This is an increase of 8.2% from the previous week.
5. Auction activity is expected to decrease even further next week as the festive season continues. Around 550 capital cities are scheduled for auction, and auction reporting will be paused until late January/early February.
Analyzing the Shift in Auction Activity Across Australia’s Capital Cities
As the festive season approaches, the Australian auction market is experiencing a notable shift. The week leading up to 17 December 2023 is set to see a decrease in auction activity across the combined capitals, marking a -3.2% drop compared to the previous week. This trend aligns with the seasonal pattern observed last year, where auction numbers also eased from a lower base.
City-Specific Auction Trends
- Melbourne: The city is expecting 1,412 homes to go under the hammer, a slight decrease of -0.2% from the previous week. Compared to the same period last year, the auction numbers are significantly higher, indicating a robust market.
- Sydney: Auction numbers are anticipated to fall below 1,000 for the first time in eight weeks, with 972 auctions scheduled. This represents a -9.3% decrease week-on-week, reflecting a shift in market dynamics.
- Adelaide: Set to host its busiest auction week of the year with 199 homes, Adelaide shows an 8.2% increase from the previous week.
- Brisbane: The city is preparing for 193 auctions, marking a -10.2% decrease week-on-week.
- Canberra: The capital is set to host 142 auctions, up 6.0% from the previous week.
- Perth and Tasmania: Perth has 24 homes scheduled for auction, while Tasmania has only three.
Anticipating a Festive Slowdown
The auction market is expected to see a dramatic drop in activity in the week following 17 December, aligning with the festive season. Approximately 550 capital city auctions are scheduled, indicating a significant seasonal slowdown. Auction reporting will pause over the festive period and resume in late January or early February, depending on auction volumes.
Conclusion
The auction market preview for 17 December 2023 provides valuable insights into the current state of Australia’s property market. As we approach the end of the year, the expected decrease in auction activity reflects the seasonal trends and changing market conditions. This period offers a unique opportunity for potential buyers and sellers to assess the market and plan their strategies for the upcoming year.