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CoreLogic reports that auction volumes for the week ending 16 June 2024 are expected to rise significantly.
Auction volumes across the country are expected to lift with 2,329 capital city homes scheduled for auction over the week ending 16 June 2024.
CoreLogic is attributing this sizeable increase to a return of normality following the King’s Birthday long weekend which occurred in six of the eight states and territories over the week ending 9 June, when just 1,317 homes went under the hammer.
Melbourne is set to be the busiest auction market this week with its 1,085 homes scheduled for auction, marking an increase on the previous week’s 488 auctions, as well as the 864 auctions held across the city this time last year.
Sydney’s auction volume should also rise considerably this week with 860 homes set to go under the hammer, an increase on the previous week’s 523 auctions and the 764 auctions held this time last year.
Across the smaller capital cities, Brisbane’s 195 auctions and Adelaide’s 118 auctions should both register as improvements on the respective 126 and 97 auctions held last week.
Canberra’s auction volume is likely to buck the trend with this week’s 55 properties set for auction, representing a slight fall from last week’s 67 homes that went under the hammer.
Perth’s 14 properties up for auction also buck the trend, down ever so slightly from the week prior’s 15 auctions.
Tasmania’s volume should manage to pull upwards week-on-week, with the state’s two homes scheduled for auction marking an increase on the one auction held the week prior.
Looking further ahead, CoreLogic reported that auction activity is expected to slightly fall in the week ending 23 June, with roughly 2,100 auctions currently scheduled across the combined capitals.
