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This week’s drop in auction volumes is primarily due to Victoria’s Labour Day long weekend, with four of the eight states having a public holiday on Monday.
According to CoreLogic’s latest Auction Market Preview, 1,629 capital city homes are scheduled for auction for the week ending 9 February, marking a 40.7 per cent decrease from last week’s 2,749 auctions.
This figure remains 6.6 per cent lower than the same time last year, when 1,745 auctions were recorded.
Melbourne is expected to see the sharpest decline this week, with just 424 auctions scheduled to go under the hammer, marking the city’s quiet auction week since late January.
This represents a 69.3 per cent drop from last week’s 1,381 auctions and 14.5 per cent lower than the same period last year.
Similarly, Sydney’s auction numbers are set to decrease by 8.1 per cent, with 878 homes scheduled compared to 955 last week and 898 in the same week last year.
Across the smaller capitals, Brisbane is projected to be the busiest auction market with 148 homes scheduled, despite being a 20 per cent decline from last week’s 185.
CoreLogic said Brisbane’s auctions may fluctuate due to a cyclone warning.
Adelaide will see 111 live sale events, down from 137, while Canberra’s auction count is expected to drop by 28.2 per cent, from 78 to 56 auctions pencilled in.
Perth remains steady with 11 scheduled auctions, and Tasmania has just one auction planned, compared to two last week.
Auction volumes are expected to rebound the following week, with nearly 2,300 homes scheduled to be auctioned across the combined capitals.
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