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Auction numbers continue to ebb and flow, with a temporary upswing expected over the weekend ahead.
The auction market is riding high this week with CoreLogic revealing that the 2,797 homes scheduled for auction across Australia’s eight capital cities mark the second busiest auction week of the year to date and a marked 60.3 per cent increase over last week’s public holiday rife result of 1,745 homes for auction.
Melbourne has resoundingly taken the top spot with 1,432 homes set for auction, a whopping 188.7 per cent increase over last week’s middling Labour Day long weekend results. Notably, this also marks a 36.8 per cent increase in the number of auctions compared to this time the previous year.
Sydney carves out second spot with 914 auctions scheduled this week, a much more marginal 1.8 per cent increase over last week’s overall total of 898.
Australia’s smaller capital cities are no different this week; all locations are reporting an increase in homes set to go under the hammer over the total figures seen over the week ending 10 March.
Brisbane and Adelaide take centre stage among the smaller capital cities, leading with 175 and 150 auctions on the calendar respectively.
Notably, Canberra has doubled its auction numbers twofold, with 104 homes expected to go under the hammer compared to last week’s 52 auctions.
Tasmania will see three auctions this week, an increase from the one auction that took place last week.
Next week, auction numbers are expected to surge above 3,000 for the first time this year, with just under 3,400 homes already scheduled for auction across the combined capitals upon the publishing of this story.
While this upswing of activity will be intense, it is not expected to be long-lasting as volume is expected to drop significantly as a result of the Easter long weekend to round out the month of March. A preliminary view of auction numbers for the week ending 31 March suggests a meagre 800 capital city auctions will be held.
As we approach closer to mid-year and additionally the end of a concentrated stretch of public holidays, CoreLogic acknowledged that the exact point at which the auction market will level out remains to be seen. Nevertheless, the research firm said the uniform increase over last year’s auction numbers across all capital cities this week is highly suggestive of a fairly healthy market overall.
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