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Auction activity continues to reach new heights, with scheduled auction volumes up 48.2 per cent from what was a record-breaking January.
In CoreLogic’s auction market preview for the week ending 6 February 2022, research analyst Kaytlin Ezzy reported that 1,728 capital city homes are set to go to auction in the coming days, up from 1,166 last week.
Overall, auction activity in 2022 has ramped up faster than in previous years, with this week’s volumes 32.5 per cent above those recorded this time last year, when 1,304 homes hit the block. It’s also more than double the five-year average.
Sydney will host more auctions than any other city in the coming days, with 34.8 per cent of planned auction activity taking place in the NSW capital. Just over 600 homes are scheduled to go under the hammer, which is an uptick of 81.9 per cent from the 331 auctions held the week prior.
Melbourne comes in second, taking 32.8 per cent of the pie. Victoria’s capital will hold 567 live sales, up 43.9 per cent over the week prior but less than the 615 that went under the hammer this time last year.
Auction activity continues to rise in the smaller capital markets, with expected volumes up 26.8 per cent compared to last week and up 131 per cent over this time last year.
Creating a trend, Adelaide is again expected to host the most auctions of the smaller cities, with 195 homes scheduled for auction. Brisbane follows not far behind with 181, while Canberra will try to find new owners for 152 of the city’s properties.
The Australian capital has been slower to start than other cities but now appears to be back into the swing of things with a 100 per cent increase in auctions this week over last.
Perth is set to put 30 homes on the block this week, while one home is scheduled for auction in Tasmania.
