Login
iscover
Capital cities are expected to see a further increase in scheduled auctions this week, defying the seasonal trend of slowing market activity during winter.
CoreLogic data shows 1,796 auctions are scheduled to take place over the week ending 23 July, marking a 16.7 per cent increase from the previous week’s combined total of 1,539 auctions held in capital cities.
Sydney is poised for a surge in activity, with an anticipated increase to 736 auctions this week, up 21.5 per cent from last week’s 606 auctions. With these figures, the harbour city also takes the crown as the busiest auction market during the period.
Melbourne dwellings going under the hammer are also set to increase slightly this week to 689 homes, up 6 per cent from the 650 auctions held last week.
Across the remaining major capital cities, Brisbane has the largest week-on-week increase with 172 homes scheduled for auction, up 67 per cent from last week’s 103 homes.
This increase in auction activity in Queensland’s capital is heavily supported by 29 properties being taken to auction at an in-room event on Saturday morning, according to Duane Kaak, research analyst at CoreLogic Australia.
Auction activity across Adelaide is also set to rise this week to 115 dwellings, up 12.7 per cent, while Canberra activity increases to 67 this week, up 10 auctions.
This week, Perth is gearing up to host 13 auctions, while Tasmania takes a break, with none scheduled.
Early indications suggest that auction activity across the combined capitals is set to increase in the following week, with over 2,000 homes scheduled to go under the hammer.
“A further rise in the volume of auctions runs counter to the seasonal trend which is normally characterised by flat to falling auction volumes. The larger number of auctions will provide a timely test of the depth of demand from buyers,” Mr Kaak said.
Last week, a total of 1,539 homes were taken to auction across the combined capital cities, resulting in a weaker week-on-week final clearance rate of 66.8 percent.
You are not authorised to post comments.
Comments will undergo moderation before they get published.