Auction activity slumps amid AFL grand final
Auction activity across the combined capitals is set to fall -31.6% week-on-week, with Melbourne and Adelaide celebrating the AFL Grand final. Currently, 1,903 homes are scheduled for auction across the capitals, down from the 2,781 auctioned last week but up from the 1,198 homes that went under the hammer this time last year.
Melbourne is set to host its quietest auction since late January (192), with 243 auctions currently scheduled across the city. While this week's expected auction numbers are -81.8% below the numbers seen last week (1,335), they are 19.7% higher than this time last year when 203 homes were auctioned.
In contrast, Sydney is expecting its busiest action week since the week ending April 10th, 2022 (1,490), with 1,270 homes set to go under the hammer. Last week saw 1,009 homes auctioned across the city, while this time last year, just 714 auctions were held.
Across the smaller capitals, Adelaide (-37.0%) is expecting a decline in weekly auction numbers, while Brisbane (5.9%) and Canberra (36.8%) are set to see a rise in weekly activity. Brisbane is set to host the busiest auction week among the smaller capitals, with 144 auctions scheduled, followed by Adelaide (131). Canberra is expecting to host its busiest since mid-March (116), with 104 auctions scheduled, while just 10 homes set to go under the hammer in Perth. Just one auction is scheduled in Tasmania this week.
With the Labour Day/Kings' birthday long weekends in NSW, ACT, QLD and SA, auction activity is set to remain low next week before rising the week after.
The complete Auction Market Preview for the week ending 29 September 2024 can be downloaded below.
Auction Market Preview
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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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