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In line with the trend of the last month, as well as the fact the federal election is being held this Saturday (21 May), auction activity nationwide is down considerably.
According to CoreLogic, auction figures are down 40.2 per cent this week, with 1,722 homes set to go under the hammer across the major capital cities this week, well below the 2,879 auctions held the previous week.
This week’s volumes represent the fourth-quietest week of the year, only bettering the Easter long weekend and the traditionally lean January weeks, with the federal election at least somewhat responsible for this decline in auction uptake.
However, compared to the week preceding the last federal election in 2019, when 913 homes were auctioned off, the current week’s activity is high.
Taking a closer look at the major capital cities reveals that 719 auctions are scheduled in Melbourne this week, down 44.3 per cent from the previous week. Similarly, Sydney is expecting its quietest week since Easter, with auction volume down 48.5 per cent on the previous week, with 568 homes up for grabs.
Within the smaller capital cities, Adelaide has 198 homes scheduled to go under the hammer this week, down 23.8 per cent from the previous week, while there will be 127 auctions on the block in Brisbane this week, a decrease of 44.3 per cent. The nation’s capital Canberra anticipates 93 auctions for the week, representing a 30.6 per cent decline from just one week ago.
Meanwhile, there are 17 auctions scheduled over in Perth, while Tasmania has no auctions scheduled this weekend as the nation heads to the polls to decide its next leader.
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