CoreLogic expects a 10.3% increase in auction activity this week, with 2,509 homes currently scheduled for auction across the combined capitals.
Set to be the capitals' third busiest auction week of the year-to-date, this week's auction numbers are above the 2,275 held last week and 15.7% higher than the 2,169 held this time last year.
Melbourne is set to host the busiest auction market this week, with 1,129 homes scheduled for auction, up 9.7% from last week (1,029). While increasing week-on-week, this week's auction activity is -2.9% lower than the same week last year, when 1,163 auctions were held across the city.
Sydney looks ahead to its busiest auction week of the month-to-date, with 944 homes set to go under the hammer this week, up 5.8% compared to last week (892) and 49.4% higher than this time last year (632).
Adelaide is scheduled to host the busiest auction market among the smaller capitals this week, with 176 auctions, in line with the weekend ending 24th September (176) when the city hosted its busiest auction week of the year-to-date. Brisbane is expecting 165 auctions this week, up 37.5% week-on-week, while Canberra's auction activity is set to fall -18.4%, with 80 homes scheduled for auction. There are currently 14 homes scheduled for auction in Perth, down from 15 last week, while Tasmania is set to see one home go under the hammer this week.
Capital city auction activity is set to skyrocket next week thanks to a ‘Super Saturday’ auction event. An early view of next week’s auction numbers suggests that just shy of 2,900 capital city homes will go under the hammer next Saturday, with weekly expected auction numbers coming in above 3,500, which will be the highest number of homes taken to auction since the week before Easter 2022.
The complete Auction Market Preview for the week ending 22 October 2023 can be downloaded below