Login
iscover
Auction volumes are set to nosedive as a result of the upcoming public holiday in several states.
CoreLogic has reported that auction volumes across the country are expected to drop significantly with 1,327 capital city homes scheduled for auction over the week ending 9 June 2024, a sizeable decrease from the 2,380 homes that went to auction the week ending 2 June 2024.
In addressing the sudden plunge in auction volumes, CoreLogic attributed this week’s diminished outcomes to the King’s Birthday long weekend occurring across six of the eight states and territories.
Notably, this week’s volumes still registered as higher than the 1,033 auctions held this time last year across the combined capital cities.
Melbourne’s auction volume decreased considerably with this week’s 480 homes set to go under the hammer, marking a drop from last week’s 1,109 auctions.
Sydney is set to be the busiest auction market this week with 537 homes scheduled for auction, a marked decrease from last week’s 899 auctions.
Across the smaller capital cities, the two busier auction markets also saw their auction volumes decline.
Brisbane’s 130 auctions and Adelaide’s 99 auctions both represented measurable decreases from their respective 141 and 152 auctions held the week prior.
Canberra’s volume also experienced a reduction, with the city’s 65 properties on auction slightly falling from the previous week’s 68 auctions.
Perth’s auction volume managed to buck the trend with his week’s 15 homes scheduled for auction, representing a slight increase from last week’s 11 auctions.
Tasmania additionally saw its volume rise week-on-week, with the state’s one home set to go under the hammer representing an increase over last week’s lack of auction.
Looking ahead, CoreLogic reported that auction activity is set to pick up steam with just under 2,300 auctions currently scheduled across the combined capitals.
