Auction activity is set to ease across the combined capitals this week ahead of the festive season.
With auction numbers expected to drop across Sydney and Brisbane and hold relatively steady across Melbourne, the volume of auctions scheduled across the combined capitals is set to fall -3.2% compared to the 3,042 held the week prior. This week last year also saw an easing in auction numbers, albeit from a lower base, with 2,320 homes auctioned across the capitals.
Melbourne is expecting 1,412 homes to go under the hammer this week, down just -0.2% from the previous week when 1,415 homes were auctioned. This time last year, auction numbers were -26.0% lower, with 1,045 homes auctioned across the city.
Auction numbers across Sydney are set to fall below the 1,000 mark for the first time in eight weeks, with 972 auctions currently scheduled, down -9.3% week-on-week. Last week saw 1,081 homes auctioned across Sydney, while this time last year, 788 homes went under the hammer.
With 199 homes scheduled for auction this week, Adelaide is set to host its busiest auction week of the year, up 8.2% from last week (184). There are 193 auctions scheduled in Brisbane, down -10.2% week-on-week, while Canberra is set to host 142 auctions this week up 6.0%. In Perth, 24 homes are scheduled to go under the hammer, while just three auctions are scheduled in Tasmania.
Auction activity is expected to drop dramatically next week as we head into the festive season, with around 550 capital cities scheduled for auction. Auction reporting will be paused over the festive period and will resume in late January/early February, depending on the volume of auctions.
The complete Auction Market Preview for the week ending 17 December 2023 can be downloaded below