Capital city auction activity is set to surge this week, with the combined capitals expecting the busiest auction week of the year-to-date and the busiest week since late May 2022 (3,226).
With 2,725 homes expected to go under the hammer, this week's auction volumes are 17.8% higher than the 2,314 homes auctioned last week and more than double the auctions seen this time last year (1,316). Last year’s auction numbers were impacted by multiple public holidays, including the national day of mourning for Her Majesty the Queen, the AFL grand final and the Sovereign's birthday in QLD and WA.
Sydney is set to host the city's busiest auction week since the week ending 29 May 2022 (1,109), with 1,094 homes currently scheduled for auction. Up 18.0% compared to last week (927), this week's expected auction activity is 35.6% higher than this time last year when 807 auctions were held.
After falling below the 1,000 mark last week (982), Melbourne's auction activity is expected to rebound 10.3% this week, with 1,083 auctions scheduled across the city. This week's auction numbers are more than seven times those seen this time last year (130) when the national day of mourning and the AFL grand final saw Victoria celebrate an extra-long weekend.
Across the smaller capitals, auction activity is set to rise 34.8% this week, with Brisbane and Adelaide both expecting the busiest auction weeks of the year-to-date. Brisbane is set to host the busiest market among the smaller capitals, with 238 homes scheduled for auction, followed by Adelaide (182) and Canberra (108). Perth is expecting 19 homes to go under the hammer this week, while one home is currently scheduled for auction in Tasmania.
Capital city auction activity is set to plummet to just over 1,300 next week, with five of the seven states and territories celebrating long weekends.
The complete Auction Market Preview for the week ending 24 September 2023 can be downloaded below