Capital city auction activity is set to remain steady this week, with 1,975 homes expected to go under the hammer across the combined capitals.
This represents just a small increase in auctions of 2.8% on last week. The previous week saw 1,921 homes auctioned, while in the same week last year, 3,226 homes went under the hammer across the combined capitals. The relatively high volume of auctions in the equivalent week of 2022 followed a slump in auction numbers due to the 2022 federal election.
Melbourne is set to host the most auctions this week, with 878 homes scheduled for auction across the city. This is 2.5% higher than the 857 auctions held last week and is -42.0% below the 1,478 auctions held over the same week last year.
There are 745 homes scheduled to go under the hammer in Sydney this week, down 2 auctions from the 747 auctions held last week and -32.6% below the 1,109 held in the same week last year.
Auction activity across the smaller capital cities is expecting a mild rise this week with 336 auctions scheduled. Brisbane is expecting the busiest week among the smaller capitals, with 144 homes scheduled for auction, up 18.0% from last week (122). This is followed by Adelaide (117), up 11.4% on last week’s 105 auctions, and Canberra (75), up three auctions compared to the previous week. In Perth, 16 homes are scheduled for auction, two less than last week, while no homes are scheduled for auction this week in Tasmania.
Capital city auction activity is expected to continue to reduce slightly next week, with around 1,890 homes currently scheduled for auction.
The complete Auction Market Preview for the week ending 28 May 2023 can be downloaded below
Auction Market Preview
Meet Duane Kaak
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A dynamic leader and subject matter expert in the banking, financial services, and real estate industries Duane Kaak, brings more than 20 years’ experience to his role as Leader of Corelogic's Data Acquisition and Research team. Duane has been instrumental in managing and leading teams of researchers across Australia in Corelogic's Commercial, Real Estate and Construction segments for the past four years.
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