Led by a rise in Melbourne’s scheduled auction volume, auction activity across the combined capitals is set to rise this week, with 1,660 auctions scheduled to go under the hammer.
The Queen’s memorial public holiday and AFL Grand final in Melbourne saw just 1,316 auctions held across the capitals last week – the quietest auction week since Easter. While up 26.1% compared to the previous week, this week’s capital city auction volumes are -16.4% lower than this time last year (1,986) and -24.6% below the 2,203 auctions held two weeks prior (week ending 18th September). This week’s lower auction activity is likely due to the Labour day long weekend across ACT, NSW and South Australia and Queen’s Birthday long weekend across Queensland.
After rising above the 1,000 mark over the week ending 18th September, before plummeting to 130 last week, scheduled auction activity across Melbourne is expected to normalise this week, with 828 homes set to go under the hammer. Outside of Perth, Melbourne is the only capital city to record a rise in auction volumes both week on week (536.9%) and compared to this time last year (2.9%) when 805 auctions were held (under lockdown conditions).
Across Sydney, a combination of the Labour day long weekend and the NRL grand final has the scheduled volume of auctions down -35.2% this week, with 523 auctions scheduled across the city. The previous week saw 807 homes auctioned across Sydney, while this time last year 753 homes were auctioned.
Across the smaller capital cities, week-on-week auction activity is expected to decline across Canberra (-47.0%), Brisbane (-12.2%) and Adelaide (-8.7%). Brisbane is set to host the most auctions across the smaller capitals, with 122 homes scheduled to go under the hammer, followed by Adelaide (105) and Canberra (61). There are 19 homes scheduled for auction across Perth this week, up from eight the previous week, while auction activity across Tasmania is expected to hold steady with two auctions scheduled to occur this week.
The complete Auction Market Preview for the week ending 2 October 2022, including a summary of last week's results, can be downloaded below.
Meet Kaytlin Ezzy
Economist
As an economist, Kaytlin is a key member within CoreLogic’s research team. Highly efficient and flexible, she specialises in collating large and customised data sets, data visualisation and residential data reports.
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