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Auction numbers are picking up this week following a quiet festive season.
CoreLogic’s latest Property Market Indicator Summary showed that auction volumes across the combined capitals have increased with 1,472 scheduled actions in the week ending 2 February.
The numbers mark a rise from the beginning-of-year lull, when 429 homes were taken to auction in the week ending 26 January, but a drop from the 1,712 auctions across the combined capitals at the same time last year.
CoreLogic noted that the lower auctions may be burdened by weaker demand conditions in early 2025, unlike the stronger selling conditions at the beginning of 2024.
Melbourne is set to be the busiest auction this week, with 508 auctions pencilled in, more than double the 223 auctions held last week, yet significantly down from the 625 auctions held at the same period in 2024.
According to CoreLogic, Melbourne has been responsible for most of the year-on-year decline in auction numbers across the combined capital cities.
Sydney is also expected to see high auction activity this week, with 487 homes set to go under the hammer.
This is up from the 59 homes taken to auction the week before but a slight decrease from the 583 in the equivalent week of 2024.
Across the smaller capitals, Adelaide leads with 167 homes pencilled in for auction, with Brisbane following closely behind with 166 auctions scheduled.
Adelaide will see five more live sale events this week than in the same period last year, while Brisbane’s auction numbers slipped by 36 properties in the equivalent week of 2024.
Canberra is expected to have 133 auctions scheduled this week, up from 129 homes that went under the hammer the same week last year.
Similarly, Perth also has 133 auctions scheduled.
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