Auction activity is set to decrease this week with 1,487 homes scheduled for auction across the combined capitals.
Excluding the week of the June long weekend, this week is set to be the quietest in 11 weeks. The number of properties scheduled for auction this week is -3.6% less than last week (1,543). The week-on-week decline is in line with similar reductions in prior years, with school holidays in the major markets and seasonal factors impacting auction numbers. This week’s activity is -8.7% lower than the same week last year when 1,628 homes were taken to auction across the combined capitals.
Sydney is set to be the busiest auction market this week with 621 homes scheduled for auction, down -8.1% from last week when 676 auctions were held but up 2.6% from the number held this time last year (605).
There are 582 auctions scheduled in Melbourne this week, up 5.8% from last week when 550 auctions were held, although -7.2% lower than this time last year when 627 homes were taken to auction across the city.
Looking at the smaller capital cities, Brisbane and Adelaide are set to host 102 auctions each this week, down -22.1% and -8.9% respectively from last week (131 and 112). Brisbane’s scheduled activity is -29.2% lower than this time last year (144) and Adelaide auction numbers are also down -35.0% from the 157 held in the same week last year. There are 72 auctions currently scheduled in Canberra this week, up 5.9% week-on-week (68) but -18.2% lower than this time last year (88). Across Perth, there are currently eight homes scheduled for auction, up from six held last week. There are no auctions scheduled in Tasmania this week.
Outside of the capital cities, the Gold Coast SA4 region is scheduled to hold the largest number of auctions, with 51 homes set to go under the hammer, down -21.5% from last week (65).
The complete Auction Market Preview for the week ending 9 July 2023 can be downloaded below