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Auction volumes across the capital cities have decreased significantly, with activity in Sydney set to drop by more than half compared to this time last year.
CoreLogic’s latest Auction Market Review reveals that auction volumes across the country are expected to drop from the previous week.
Data shows that 2,149 homes across all capital cities are scheduled for auction in the week ending 23 March.
The activity marked a 13.1 per cent decrease from last week, when 2,472 auctions were held, and 1,370 fewer than a year ago.
CoreLogic attributes the decline in auctions to timing, as last year was the week before Easter, which drove auctions in combined capitals to 3,519.
Melbourne is set to be the busiest auction market this week, with 980 homes currently pencilled in for auction this week, down from the 1,192 homes taken to auction last week and the 1,760 this time last year.
Sydney is expected to see 832 auctions go under the hammer, down from the 893 auctions last week and the 1,199 auctions in the same period last year.
Brisbane is set to be the busiest auction market among the smaller capitals, with 148 live sale events scheduled, a slight decrease from the previous week’s 161.
Adelaide’s auction volume has dropped from 122 auctions last week to 104 homes scheduled for auction this week.
Canberra’s 73 properties scheduled for auction also represent a decrease from the 87 auctions last week.
Perth currently has 11 homes scheduled for auction, down from the previous week when 15 homes were taken to auction, while Tasmania has dropped from the two auctions last week to one scheduled for this week.
CoreLogic has indicated that there are currently around 2,670 homes set to go under the hammer across the combined capitals next week, which is set to be the third-largest number of auctions held in a week this year.
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