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Increased auction activity has kept the property market’s gears turning after a marginal decrease in the smaller capitals last week, according to CoreLogic.
CoreLogic’s Auction Market Preview for the week ending 20 February 2022 has reported the combined capitals’ scheduled auction activity will almost reach 3,000 this week, with a total of 2,971 houses due to go under the hammer.
This was significantly higher than the previous week’s 2,401 auctions (23.7 per cent) and also 39.6 per cent higher compared to the same time last year.
The number of homes up for auction in Melbourne continues to rise, with 1,347 homes scheduled for auction this week, a 29.6 per cent increase from the previous week’s 1,039 auctions and a moderate increase from the 1,095 auctions held at this time last year.
Meanwhile, with 1,072 homes slated to go to auction this week, Sydney’s auction activity is expected to surpass the 1,000 mark for the first time this year. This is a significant increase of 21 per cent on last week’s 886 auctions held and a remarkable 39.6 per cent rise from the same time last year.
Across the smaller capitals, auction volumes are also up this week, with 552 auctions set to take place. It’s still slightly lower than the 597 auctions held two weeks ago, but more than double the volumes held the same week last year (265).
With auction activity increasing 25.3 per cent, Brisbane is set to host the most auctions this week with 218 auctions set to take place, followed by Canberra (144), Adelaide (169), Perth (18), and Tasmania (3).
ABOUT THE AUTHOR
Noemi Paminuan-Jara
Noemi is a journalist for Smart Property Investment and Real Estate Business. She has extensive experience writing for business, health, and education industries. Noemi is a contributing author of an abstract published by the American Public Health Association, and Best Practices in Emergency Pedagogical Methods in Germany. She shares ownership of the copyright of an instructional video for pharmacists when communicating with deaf patients. She attended De La Salle University where she obtained a double degree in Psychology and Marketing Management.
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