Scheduled auction activity across the combined capitals is expected to ease slightly this week, with 2,371 homes set for auction.
While down -3.1% from the 2,446 held last week, this week's anticipated volume is significantly above this time last year (36.2%) when weaker selling conditions saw just 1,741 homes go under the hammer.
Despite expecting a -10.4% week-on-week fall in auction activity, Melbourne is set to host the busiest auction market this week, with 1,032 homes scheduled for auction across the city. Last week saw Melbourne host its busiest auction week since Easter, with 1,152 homes auctioned across the city, while this time last year (690), auction numbers were -33.1% lower.
There are 981 homes set to go under the hammer in Sydney this week, up 6.5% compared to last week (921) and 47.7% higher than this time last year (664).
Adelaide is set to overtake Brisbane as the busiest market amongst the smaller capitals, with 124 auctions scheduled this week, down from 125 last week. Brisbane (119) is expecting a -11.9% week-on-week decline in auction activity, while Canberra’s (102) auction numbers are set to rise 4.1%. Perth is set to host 12 auctions, in line with last week, while just one home is scheduled to go to auction in Tasmania.
An early view of scheduled auctions numbers suggest that auction activity is set to trend higher over the coming weeks, with more than 2,500 capital city auctions expected to be held next week.
The complete Auction Market Preview for the week ending 15 October 2023 can be downloaded below