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CoreLogic has pegged 28 October as a Super Saturday, with more than 2,800 homes going under the hammer.
In its latest auction market preview for the week ending 29 October, the research firm said Sydney, Melbourne, Brisbane and Canberra are all expecting their busiest auction weeks of 2023.
On Saturday alone, a total of 2,883 auctions are set to take place – with more than 3,500 homes up for grabs over the week.
According to CoreLogic, it’s the first time a seven-day period has had the number of auctions exceed 3,000 since late May in 2022.
It’s also the highest volume reported since mid-April 2022, when 4,035 homes were up for grabs.
And while volumes are still a far cry from the record auction volumes recorded back in late 2021, this week’s numbers are up 83.3 per cent on the same week in 2022.
According to CoreLogic economist Kaytlin Ezzy: “While auction numbers typically rise throughout spring before reaching a peak in late November to early December, this year’s spring selling season got off to an early start.”
She noted that weekly auction numbers found their floor back in early July (1,428). They then trended 7.8 per cent higher week-on-week, on average between mid-July and present day.
“This is in contrast to last year, when rising interest rates, falling property values and uncertain economic conditions saw a more muted upward trend in spring auction numbers, with weekly increases averaging 4.7 per cent,” she explained.
Ms Ezzy went on to note that this week “will likely be the peak in this year’s spring selling season”, despite auction figures set to stay elevated for a number of weeks.
So what can agents expect from the weekend ahead?
Melbourne will play host to the largest number of auctions this weekend, expecting 1,746 homes to go under the hammer. That’s a lift of 53.3 per cent from last week’s 1,029 – and almost three times the number of homes up for grabs compared to the same period in 2022. It’s also the eighth time in 10 weeks that the city will break the 1,000 auction mark.
In Sydney, the 1,000 home mark will also be broken through – for the third time this year.
A total of 1,179 homes are going under the hammer in the harbourside city.
Looking to the smaller capitals, auction activity is also on the up. A 36.9 per cent increase is expected across Brisbane, Adelaide, Perth, and Tasmania.
Among these locales, Brisbane is expecting a 43.5 per cent boost to activity, with 241 homes looking for buyers.
Adelaide is expectant of 174 auctions over the week, a 1.8 per cent lift over last week.
In Canberra, auction volumes have more than doubled compared to last week’s figures, with 165 auctions pencilled in.
Three homes are scheduled in for auction across Tasmania, while Perth is the only city expecting a lower level of activity, with just 14 auctions planned.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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