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With selling conditions continuing to weaken, auction activity is set to decrease Australia-wide for the third week running.
It is expected that 1,679 homes will go under the hammer across the country this coming week, representing a 10.7 per cent decline from the previous week’s 1,881 auctions.
The trajectory isn’t looking likely to change either, with CoreLogic reporting that this low level of activity will remain over the coming weeks.
Melbourne is set to host 613 auctions throughout the week, a 6.3 per cent reduction on the previous week’s volume and a 43 per cent drop from the figures seen during the same time last year.
For the second week in a row, Sydney is expected to be the busiest of the national capitals, with 666 auctions scheduled across the harbour city. Despite numbers being down 11.9 per cent from the previous week, they are, in fact, 2.5 per cent higher than the same time last year.
Across the smaller capitals, activity is anticipated to fall 15.1 per cent, yet, similar to Sydney, these figures are still up 5.8 per cent when compared to this period in 2021. The 158 auctions in Adelaide and 88 in Canberra mean that despite week-on-week declines, both cities’ auction levels are up on this time last year, 46.3 per cent and 6 per cent, respectively.
In Brisbane, 143 auctions are scheduled for the upcoming week, a 9.3 per cent drop from the previous year. Perth is expecting to host five auctions, while two are scheduled in Tasmania.
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