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Grand finals and another long weekend will mean this week’s auction activity mirrors low volumes seen across the past week.
CoreLogic has noted that the NRL grand final and the Labour Day long weekend recognised across the ACT, NSW, and South Australia, as well as the celebration of the Queen’s birthday long weekend in Queensland, will all have an impact on this week’s activity.
The research group is reporting expectations for 1,660 auctions to take place across the seven-day period.
That’s still higher than the 1,394 auctions that were scheduled for last week — which was also heavily influenced by the Queen’s memorial public holiday, as well as the AFL grand final parade public holiday, which was recognised across Victoria.
Looking back to two weeks ago, auction volumes across the combined capitals are down -24.6 per cent. Looking back to the same period last year, auction volumes are also down -16.4 per cent (despite lockdown conditions).
Melbourne is set to see a return to regular activity, with the city anticipating that 828 homes will go under the hammer this week. Last week, just 130 homes were up for grabs via auction across the city, resulting in a rise in auction volumes week on week of more than 500 per cent.
In Sydney, the Labour Day long weekend and the NRL grand final have pushed volume down by -25.2 per cent. A total of 523 auctions are expected to take place this week, down from last week’s figure of 807. Across the same week in 2021, there were 753 homes up for grabs.
With the cities of Canberra, Brisbane, and Adelaide all recognising respective public holidays this weekend, it’s no surprise they are all reporting activity declines.
A total of 122 homes are set to go to auction in Brisbane — a decline of -12.2 per cent, while Adelaide is reporting a -8.7 per cent decline to 105 auctions.
Canberra appears to be the worst hit by the three-day long weekend, reporting a -47 per cent decline in auction activity to just 61 auctions.
Across in Perth, a total of 19 homes are set to go under the hammer — an increase from the eight reported one week prior.
Tasmania is set to play host to two auctions this weekend.
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