Auction activity is expected to dip across the combined capitals this week, with only Canberra recording a week on week rise in auction volumes as we move into the spring selling season.
After hosting 2,006 auctions last week - the busiest week in nine weeks – this week’s auction activity is expected to fall -5.1%, with 1,904 homes scheduled for auction across the combined capitals. While down week on week, this week’s scheduled auction activity is up 33.8% compared to the same time last year (1,423), when volumes were impacted by lockdowns in Sydney and Melbourne.
Melbourne is set to host the most auctions this week, with 778 homes scheduled to go under the hammer. Compared to the previous week, when 832 auctions were held, this week’s volumes are down -6.5%, but are up 80.9% compared to this time last year, when 430 homes were auctioned across the city.
With 773 homes scheduled for auction, Sydney’s expected auction activity is fairly similar to the auction volumes seen last week (779) and is 27.3% above the number of auctions held this time last year (607).
Tougher selling conditions across the smaller capital cities is seeing expected auction activity weaken, with this week’s scheduled volumes down -10.6% week on week, and -8.5% compared to this time last year. With 126 homes scheduled for auction, Brisbane’s auction activity is down -20.3% compared to this time last year, while Adelaide’s (123) scheduled auction volumes are -14.0% below last year’s numbers. In Perth, eight auctions are scheduled to occur, half the number recorded this time last year, while just one auction is scheduled for Tasmania this week. Canberra (95) is the one exception, with auction activity up 9.2% week on week and up 39.7% compared to this time last year. As we move further into the downswing, its possible auction activity across these markets will be a little more subdued than the previous spring selling season, as more vendors move back towards private treaty sales.
The complete Auction Market Preview for the week ending 4 September 2022, including a summary of last week's results, can be downloaded below
Meet Kaytlin Ezzy
Economist
As an economist, Kaytlin is a key member within CoreLogic’s research team. Highly efficient and flexible, she specialises in collating large and customised data sets, data visualisation and residential data reports.
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