The 2022 auction market is starting strong with 461 homes across the combined capitals scheduled to go to auction this week. Traditionally the quietest time of year for auctions, activity doesn’t normally start ramping up until the end of January or early February. Carrying forward some of the momentum seen towards the end of last year, when CoreLogic recorded its four busiest auction weeks since records began in 2008, this week’s auction volumes are up compared to last week (125) and up 88.9% compared to this time last year (244).
Auctions this week
Melbourne is set to host the most auctions, with 155 homes scheduled to go under the hammer this week. This is up compared to the 44 auctions held last week and up 22.0% compared to the 127 auctions that occurred this time last year (127).
Across Sydney, 79 auctions are scheduled to occur this week, up from 20 last week and up from the 37 that occurred this time last year.
The number of auctions scheduled across the smaller capital cities make up nearly 50% of this week’s predicted auction volumes, with 227 homes set to go under the hammer. Brisbane is set to be the second busiest this week, with 100 homes scheduled to go to auctions across the city. 84 Adelaide homes are expected to go under the hammer this week, while Canberra is set to host 30 auctions. Perth is scheduled to host 11 auctions this week, while two homes are set to go under the hammer across Tasmania.
Historically these smaller capitals account for around 20% of weekly capital city auction volumes. This week’s shift is likely due to a slower wind up in activity across Melbourne and Sydney rather than a permanent shift in auction activity.