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Auction volumes across the states are set to fluctuate as a result of the upcoming public holiday in Melbourne and Adelaide.
CoreLogic reports that auction volumes across the country are expected to fall 31.6 per cent week-on-week, with 1,903 capital city homes scheduled for auction over the week ending 29 September 2024.
It’s a measurable decrease from the 2,781 homes that went to auction the week ending 22 September 2024, which CoreLogic attributed to Melbourne and Adelaide celebrating the AFL Grand Final this weekend.
Melbourne’s 243 properties up for auction are set to be the city’s quietest auction week since the 192 homes that were auctioned off in late January of this year.
While this week’s expected auction volume represents an 81.8 per cent reduction from the 1,335 auctions held last week, it is noted to still be 19.7 per cent higher than this time last year when 203 homes went to auction.
Contrastingly, Sydney’s auction volume is expected to thrive with 1,270 homes set to go under the hammer – the city’s busiest auction week since the 1,490 homes auctioned off during the week ending 10 April 2022.
Across the smaller capital cities, Brisbane’s 144 homes set for auction mark an increase on the 136 auctions that occurred last week, and are expected to represent the most activity across the less populous cities.
Adelaide’s auction volume has considerably dropped as a result of the upcoming AFL Grand Final, with the city’s 131 auctions falling from 208 taking place the week prior.
Canberra’s 104 properties currently scheduled for auction are anticipated to represent the city’s busiest auction week since the 116 homes auctioned off during mid-March of this year.
Perth’s auction volume is set to see a decline with only 10 homes set to go under the hammer, a decrease from last week’s 16 auctions.
Tasmania currently has one auction pencilled in, holding steady from the one home taken to auction the week prior.
Looking ahead, CoreLogic anticipates that the upcoming Labour Day/King’s Birthday long weekend in NSW, the ACT, Queensland and South Australia will keep auction numbers low next week, with volumes expected to rise the following week.
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