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Auction volumes are set to surge past 3,000 for the second time in 2024.
According to CoreLogic, 3,190 capital city homes are scheduled to go under the hammer over the week ending 27 October 2024. Auction volumes will increase from the 2,541 auctioned last week, but drop from the 3,381 homes that went up for auction a year ago.
These numbers mark the second busiest auction week of the year, behind the week leading up to Easter, when 3,519 houses hit the block.
Melbourne is set to host more than half of the week’s capital city auctions, with 1,635 homes going under the hammer across the city – the second busiest auction week of the year for the Victorian capital. The previous week saw 1,098 homes taken to auction, while this time last year, 1,725 auctions were held.
Sydney has 1,053 houses scheduled to hit the block this week, besting last week's 974 and decreasing from the 1,071 homes that went up for auction this time in 2023.
Across the smaller capitals, Adelaide is set to host the most auctions with 207 houses scheduled. Brisbane, hosting the most auctions out of the smaller capitals last week with 228 houses, has reduced to 197 this week.
Canberra is set to rise from the 76 houses that went up for auction last week to 82 this week, while Perth has 15 houses set to hit the block this week, declining from the 19 homes that went to auction last week.
Tasmania has just one auction scheduled for this week, consistent with the week prior.
Next week will see capital city auction volumes temporarily drop with around 2,100 homes currently set for auctions. The lower volume can be attributed to the Melbourne Cup Carnival which kicks off on Saturday, 2 November, with fewer than 500 Melbourne homes set for live sale events.
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