️ Highlights:
1. Overall auction activity is set to fall by 7.7% this week, with 1,581 homes scheduled for auction.
2. Sydney and Melbourne will see an increase in auction volumes, with Sydney experiencing a 10.8% rise and Melbourne seeing a slight increase.
3. Brisbane, Adelaide, Canberra, and Perth will all see a decrease in auction activity compared to the previous week.
4. Auction volumes are expected to rise again in the coming weeks after this temporary dip.
5. Compared to the same week last year, auction volumes across all capital cities are higher.
CoreLogic’s Analysis Highlights a Temporary Decrease in Auction Volumes
Following a vibrant start to the 2024 auction season, CoreLogic’s latest Auction Market Preview indicates a slight decrease in capital city auction activity for the week ending 11 February 2024. Despite this week-on-week reduction of 7.7%, with 1,581 homes scheduled for auction, the market’s momentum remains strong, reflecting a healthy buyer interest and seller confidence.
Capital Cities’ Auction Dynamics
- Sydney and Melbourne See Week-on-Week Increases: Despite the overall dip, Sydney and Melbourne are experiencing an increase in auction volumes. Sydney is set to witness a 10.8% rise, with 646 homes up for auction, while Melbourne’s numbers slightly increase to 631 scheduled auctions.
- Comparison with Previous Year: This week’s auction activity surpasses the same period last year, which saw 1,482 auctions across the combined capital cities, underscoring the market’s resilience and growth.
Smaller Capitals Experience Varied Activity
- Brisbane, Adelaide, and Canberra Adjust: Brisbane, Adelaide, and Canberra are preparing for fewer auctions compared to the previous week, with Brisbane hosting 136 auctions, Adelaide 104, and Canberra 58.
- Perth and Tasmania’s Quiet Week: Perth and Tasmania are observing a quieter week, with only five and one scheduled auctions, respectively.
Looking Ahead
The early indicators suggest a rebound in auction volumes following this week’s temporary dip, signaling continued interest and activity in the auction market as we move further into February.
Conclusion
The auction market’s slight contraction this week does not detract from the strong start to 2024, with Sydney and Melbourne leading the charge in auction activity. The resilience of the auction market, coupled with the anticipated increase in volumes in the coming weeks, paints a promising picture for the real estate sector in early 2024.