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Auction volumes across the country are set to decline.
CoreLogic reports that auction volumes for the week ending 4 August 2024 have decreased from last week’s activity, with 1,780 capital city homes scheduled for auction over the week ending 4 August 2024.
It’s a significant decrease from the 1,975 properties that went to auction the week ending 28 July 2024.
Although Melbourne is once again set to be the busiest auction market with 822 homes set to go under the hammer, its auction volume has measurably dropped from last week’s 870 auctions.
In Sydney, the upcoming bank holiday long weekend may be impacting auction volumes, according to CoreLogic. Just 627 auctions are currently scheduled across the city, a sizeable drop from 721 auctions the week prior.
Within the smaller capital cities, Adelaide’s 139 homes set for auction mark an increase on the 128 auctions that occurred last week.
Brisbane’s auction volume is expected to drop considerably with the city’s 136 auctions falling from the 199 recorded the week prior.
Canberra’s 44 homes currently scheduled for auction should represent a week-on-week increase from the 41 auctions held one week ago.
Perth’s auction volume is set for a decline with only 11 homes set to go under the hammer, a decrease from last week’s 15 auctions.
Tasmania currently has one auction pencilled in, holding steady on last week’s figures.
Looking ahead, CoreLogic is anticipating that auction volumes will rise. An early view of volumes for the week ending 11 August 2024 shows around 1,860 homes are scheduled for auction across the combined capitals.
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