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Auction numbers forecast to decline

By Alana Su-Navratil
09 February 2024 | 10 minute read
Sydney Brisbane Melbourne reb

After the promising results of last week’s auction numbers, CoreLogic expects this week’s capital city auction numbers will temporarily dip.

The research firm is expecting an approximate 7.7 per cent fall in auction activity from last week, with 1,581 homes up for grabs across all capital cities, in comparison to last week’s 1,712 homes that went for auction.

Along the east coast, Sydney is set to see a 10.8 per cent rise in auction numbers with 646 homes set to go under the hammer. It’s a significant increase from last week, when 583 auctions were held.

Melbourne has 631 homes scheduled for auction this week, up slightly from last week’s 625, and close to 100 homes higher than this time last year.

While Sydney and Melbourne are set to see volume increases week on week, the remaining capital city auction markets will see significantly fewer auctions.

Up north in Brisbane, auctions are down 32.7 per cent with 136 homes going under the hammer this week. To the south, Adelaide is expecting 104 auctions, a 35.8 per cent fall in comparison to last week’s 162 auctions.

Across all capital cities, Canberra is set to see the biggest fall in activity. Just 58 auctions are expected this week after recording 129 last week.

The major capital cities are claiming close to 80 per cent of Australia’s overall auction numbers for this week. Meanwhile, Perth is reporting just five auctions, and one is scheduled in for Tasmania.

CoreLogic is expecting the dip in activity to be a temporary one, forecasting a rise in auction volumes over the next couple of weeks.

Auction numbers forecast to decline
Sydney Brisbane Melbourne reb
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