1. Capital city auction activity is expected to decrease this week, with 2,105 homes scheduled for auction. This is a decline of 37.7% compared to last week and 11.0% below the average weekly volumes seen so far this spring.
2. Sydney will have the busiest auction market this week, with 1,161 homes scheduled for auction. This is an increase of 8.4% compared to last week and the busiest week since mid-April 2022.
3. Melbourne’s auction activity is set to plummet this week, with only 457 homes expected to go under the hammer. However, last week was Melbourne’s busiest auction week since before Easter 2022.
4. Adelaide is expecting its busiest auction week of the year, with 179 homes scheduled for auction. This is an increase of 5.9% compared to the previous week.
5. Auction activity in Brisbane is expected to decline by 40.2% compared to last week, with 140 homes set to be auctioned. Canberra’s auction volume is also expected to decrease by 12.1%, with 145 auctions scheduled. Perth and Tasmania have a smaller number of auctions scheduled, with 19 and 4 homes respectively.
CoreLogic’s latest auction market preview, released on 2 November 2023, indicates a slight downturn in auction activity across capital cities following the busiest auction week of the year to date. With 2,105 homes scheduled, this represents a decrease from last week’s peak and a marginal dip below the spring average. Sydney is poised to lead the auction volume, while Melbourne anticipates a significant drop ahead of the Melbourne Cup Carnival.
Auction Activity Analysis
The forthcoming week’s auction numbers are 377 fewer than the previous week’s 3,381 and 110 below the spring average of 2,365. Sydney is expected to have its busiest auction week since mid-April 2022, with 1,161 homes slated, surpassing last week’s figures. Melbourne’s auction numbers are forecasted to fall sharply to 457, a stark contrast to last week’s high. Adelaide is set to experience its busiest auction week of the year, while Brisbane and Canberra are projected to see a reduction in auction volumes. Perth and Tasmania maintain a steady but modest auction presence.
The preview suggests a dynamic auction market, with Sydney showing a resurgence in activity, potentially eclipsing its mid-April peak. Melbourne’s anticipated decline is seasonal, aligning with the Melbourne Cup Carnival. Adelaide’s uptick in auctions may signal a strengthening market, whereas Brisbane and Canberra’s reduced volumes could indicate a market cooling or a temporary lull. The low auction volumes in Perth and Tasmania reflect their typically quieter auction markets.
CoreLogic’s auction market preview for the week ending 5 November 2023 provides valuable insights into the ebb and flow of auction activities across Australia’s capital cities. The detailed report is available for those interested in the nuances of the auction market’s weekly fluctuations.