1. The auction market for capital city homes is off to a strong start in 2024, with 1,706 homes scheduled for auction in February.
2. This week’s auction numbers are more than double those seen in January and are up 29% from the first week of February 2023.
3. Melbourne is expected to have the busiest auction market this week, with 608 homes going under the hammer.
4. Sydney’s auction numbers are set to surge, with 591 homes scheduled for auction, compared to 151 in January.
5. Adelaide is experiencing the largest annual increase in auction volumes, with a 19.2% rise compared to the same week last year.
CoreLogic’s Latest Analysis Highlights a Surge in Auction Activity
The auction market is off to a strong start in February 2024, with 1,706 homes scheduled for auction across the combined capital cities. This marks a significant increase from January’s figures and positions this week as the second busiest start to February on record, only surpassed by the first week of February 2022.
Key Insights from the Report
- Seasonal Trends: Traditionally, January experiences a seasonal lull in auction volumes, which then ramp up in February. This year’s increase, although slower than in previous years, signifies a robust beginning to 2024’s auction market.
- Record Auction Volumes: With auction numbers more than doubling January’s total and a 29.0% increase from the first week of February 2023, the market is showing signs of vigorous activity.
- Melbourne Leads the Charge: Melbourne is set to host the busiest auction market this week, with 608 homes expected to go under the hammer. This is a significant rise from last week and nearly double January’s auction volumes.
- Sydney’s Auction Surge: Sydney is also experiencing a surge in auction activity, with 591 homes scheduled for auction, marking a substantial increase from January.
- Regional Variations: Adelaide and Brisbane are expecting notable annual changes in weekly auction volumes, while Canberra and Perth show varied trends.
The early indicators suggest a slight dip in auction numbers next week before an increase the following week. With clearance rates having weakened to below-average levels by the end of last year, this week’s auctions will be a critical test of buyer demand and could set the pace for the pre-Easter selling season.
The auction market’s strong start to February 2024 reflects a dynamic and resilient real estate landscape. As buyer demand is tested in the coming weeks, the industry will gain valuable insights into the market’s direction for the rest of the year.