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Australian auction volumes are expected to rise drastically this week, with the nation’s combined capitals predicting their busiest week since before Easter.
Following on from last week’s auction results, where preliminary clearances dropped to their lowest for the year, CoreLogic is predicting auctions in the combined capital cities to climb by 42.4 per cent on the previous week, with 2,931 homes expected to be auctioned off.
Melbourne is anticipated to host 43.9 per cent of the nation’s auctions this week, with a 300-home jump on the previous week resulting in 1,288 homes expected to go under the hammer. While these predictions are positive signs for Melbourne, they are still representative of a 4.2 per cent decrease on the same time last year.
A total of 1,001 scheduled auctions means that for the first time in five weeks, Sydney is expected to exceed 1,000 auctions. The week’s auction volume is up by over 51.9 per cent on the previous week’s 659 homes auctioned, but still a 13 per cent decrease on the previous year’s volume.
Across the rest of the nation’s capitals, Adelaide is set to host the most auctions for the second week running, with 260 auctions scheduled in the South Australian capital. Both Brisbane and Canberra’s auction volumes are up on the previous week.
The Queensland capital is expecting its busiest week since the end of March, with 234 homes set to go under the hammer. In the nation’s capital, this week’s volumes are up 53.6 per cent from just one week ago, with 129 homes scheduled for auction this week.
Additionally, Perth has 16 auctions pencilled in for the coming week, while three auctions are set to take place throughout Tasmania over the period.
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