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Auction activity in the Victorian capital is taking a hit — and it’s dragging down national numbers, according to the latest auction analysis.
CoreLogic has reported that auction activity across all major capital cities will be down 5.2 per cent for the week ending 26 June, and 19.1 per cent on the same time last year, with just 2,396 auctions scheduled for the coming week
Melbourne is set to experience a 23.4 per cent reduction in the number of homes going under the hammer this week — and a 31.6 per cent drop in activity compared to the same period in 2021. While the city is only expecting 970 auctions over the seven-day period, it’s still set to retain its place as the nation’s busiest capital city.
Just falling short of Melbourne’s activity, 948 auctions are expected to take place in Sydney this week. While this figure is a strong 19.2 per cent increase on the previous week, it’s still representative of a 12.5 per cent fall from the same time last year.
The smaller capital cities are predicted to see a 2.4 per cent rise in activity from the previous week and a 4.4 per cent jump on the same week in 2021. With 173 homes expected to go under the hammer, Adelaide once again takes top spot as the busiest of the smaller capital cities despite a 3.4 per cent decrease in volume from the previous week.
Brisbane is the next busiest, hosting 165 auctions, while Canberra will be boosted by a 16.7 per cent increase in activity, with 119 auctions expected.
Meanwhile, in Perth, 19 homes are set to go under the hammer, with Tasmania set to host two auctions.
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