Volume drops in four capital cities are driving an overall decrease in national auction activity.
CoreLogic is reporting that the first auction week of the financial year is expected to experience a 17.9 per cent volume drop on the week previous, with 1,942 homes scheduled to go under the hammer.
Melbourne is set to lose its position as the busiest capital city this week, with 647 homes scheduled for auction this coming week. This represents a 35.3 per cent decline on the 1,000 the previous week and a 39.7 per cent decline from the same time last year.
Sydney, however, is set to rise and host the most auctions. A total of 825 are scheduled to occur across the harbour city this coming week. This represents just the sixth time this year that Sydney’s volume has overtaken Melbourne’s, despite city-wide activity actually decreasing from the 890 auctions the week prior.
Throughout the smaller capitals, just two are reporting an increase in week-on-week auction volumes. Adelaide is expected to host 197 auctions for the week, while 19 auctions are set to take place in Perth this week, up from 171 and 18, respectively, just one week ago.
Brisbane will see activity levels drop from 161 last week to 152 for the week ahead. In the nation’s capital, an 18 per cent fall in activity will see Canberra host 100 auctions.
In Tasmania, activity is staying low, with two auctions proposed for the week ahead – on par with last week’s report.