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Auction volumes for the week ending 12 May 2024 are set to be the fifth busiest week of the year to date, CoreLogic reports.
Auction volumes across the country are set to increase with 2,315 capital city homes set to go under the hammer over the week ending 12 May 2024, an increase over the 2,202 homes that went to auction the week ending 5 May 2024.
Melbourne is set to be the busiest auction market this week with 1,120 homes set for auction, a 6 per cent increase over last week’s 1,120 auctions and a whopping 50.5 per cent increase on the 744 auctions held this time last year.
Sydney’s auction volume is also expected to see an upswing with 835 auctions scheduled for auction, this projection up 10.6 per cent on last week’s 755 auctions.
Across the smaller capital cities, auction volume is expected to largely decline with only Brisbane and Tasmania managing to buck this trend.
Brisbane’s 167 homes slated for auction see the city’s volume marginally increasing over last week’s 165 auctions, whereas Adelaide’s 109 homes up for auction mark a sizeable decrease on last week’s 133 auctions.
Canberra will see a slight decrease over last week with 73 properties scheduled for auction.
Perth is also set to see a decline, with only nine homes set to go under the hammer.
Tasmania currently has two auctions pencilled in, an increase from the one home taken to auction last week.
Looking towards next week, an early view of auction volumes for the week ending 19 May showcases that these are expected to fall slightly, with CoreLogic predicting around 2,150 auctions will take place.
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