After a cracking start to the 2024 auction season last week (1,712), capital city auction activity is set to fall -7.7% this week, with 1,581 homes currently scheduled for auction.
While overall auction volumes are lower, Sydney and Melbourne are set to see volumes increase week-on-week. The remaining capital city auction markets will see significantly fewer auctions this week compared to last week. Over the same week last year, 1,482 auctions were held across the combined capital cities.
Sydney is set to see a 10.8% rise in auction numbers this week, with 646 homes currently scheduled to go under the hammer, up from 583 over the previous week. This week last year, 601 auctions were held across the city.
In Melbourne, 631 homes are scheduled for auction this week, up slightly from the 625 seen the previous week and higher than the 564 held this time last year.
Across the smaller capitals, auction activity is set to fall week-on-week. Brisbane is set to host 136 auctions this week, down -32.7% on last week’s 202 auctions. There are 104 auctions scheduled in Adelaide, down -35.8% from last week’s 162 auctions, while in Canberra, 58 auctions are set to take place, down -55.0% from the 129 held the previous week. Just five auctions are currently scheduled in Perth this week, while there is only one auction on the radar in Tasmania.
An early view of auction numbers over the coming weeks suggests we will see auction volumes continue to rise again after this week’s temporary dip.
The complete Auction Market Preview for the week ending 11 February 2024 can be downloaded below.