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February auctions appear to be off to a strong start – but does that mean anything for the months ahead?
According to CoreLogic, the month will begin with a bang as 1,706 homes hit the block across the combined capitals for the week ending 4 February.
January was slightly slower than normal, even given the month’s historic lull, with 803 properties going up for auction. February, however, looks set to take up the slack.
This week is set to be the second busiest start to February on record after the first week of February 2022, when strong conditions in 2021 flowed into the new year and 1,779 homes went under the hammer.
February 2024’s strong start will also represent a substantial increase on last year’s figures from the same period, with volumes increasing 29 per cent.
Melbourne is slated to be the busiest of the capitals with live sales events planned for 608 homes. That’s more than triple the number of homes hitting the block across the city last week, at 192, nearly double the 313 auctions held in Melbourne in the month of January, and 47 per cent higher than this week in February 2023.
Sydney won’t be far behind the Victorian capital, with 591 homes currently scheduled for auction – 28 per cent higher than the same week last year. It’s quite a ramp up for NSW’s largest city, which saw just 151 auctions held throughout January.
In the smaller capitals, Adelaide has 144 homes under the hammer, and will experience the largest annual change in auction volumes with a 19 per cent increase.
Brisbane is set to host 207 auctions, with volumes holding fairly steady compared to 2023, and Canberra will see 133 homes presented for sale. The nation’s capital is the only major city where scheduled numbers are down compared to last year, falling by 5 per cent.
Perth is scheduled to host nine auctions, while three homes are set to go under the hammer across Tasmania.
CoreLogic reported volumes are expected to fluctuate throughout the month, but the period is being looked at as more of a test for buyer demand.
As CoreLogic economist Kaytlin Ezzy commented: “This week’s results could help indicate whether the weaker selling condition seen towards the end of last year has persisted into 2023, or if sentiment has lifted with earlier expectations of rate cuts following [this week’s] inflation update.
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