Following an easing in auction activity last week (2,023), CoreLogic is expecting weekly auction numbers to rise 39.2% this week.
With 2,816 capital city homes going under the hammer, this week is set to overtake the week ending 2nd April (2,687) as the second busiest of the year, behind only the week ending 29th October when a Super Saturday event saw 3,381 homes auctioned. This time last year, 2,170 homes went under the hammer across the capitals.
Melbourne is set to host the city's second busiest auction week of the year, with 1,218 homes currently scheduled for auction. Up 160.3% from the previous week (468) when the start of the Spring Racing Carnival saw auction numbers plummet, this week's expected auction numbers are 29.9% above the 938 seen this week last year.
With 1,125 homes scheduled for auction, this week is set to overtake the week ending 29th May 2022 (1,109) as Sydney's busiest auction week since mid-April 2022 (1,490). This week's scheduled volume of auctions are 6.2% above the numbers recorded last week (1,059) and are 45.2% higher than this time last year when 775 auctions were held.
Across the smaller capitals, Adelaide is set to be the busiest auction market for the second consecutive week, with 163 auctions scheduled, despite expecting an -8.4% decline in weekly auction activity. Canberra is also expecting auction activity to fall (-11.0%) this week, with 130 homes set to go under the hammer, while 157 homes are scheduled for auction across Brisbane, up 4.7% week-on-week. In Perth, 20 homes are set to go under the hammer, while three auctions are expected in Tasmania this week.
The complete Auction Market Preview for the week ending 12 November 2023 can be downloaded below