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Public holidays in four Australian states and territories are set to put a slight dampener on auction activity.
A total of 1,773 homes are scheduled for auction this week across Australia’s capital city markets, marking a one-third decrease from last week’s total of 2,665 auctions.
According to CoreLogic, the drop in volumes can be attributed to a number of public holidays, including Labour Day in Victoria, Eight Hours Day in Tasmania, Adelaide Cup Day in South Australia, and Canberra Day in the ACT.
Sydney will be this week’s busiest auction market, with the harbour city expecting 958 homes to go under the hammer. The predicted total marks a 6.7 per cent increase on last week’s auction numbers and an impressive 45.4 per cent boost compared to this time last year.
Typically Australia’s most energetic auction market, Melbourne will be taking a back seat this week with just 474 homes set to go under the hammer. Nevertheless, it marks an improvement from last year’s Labour Day weekend when only 360 auctions were held across Melbourne.
With no public holiday to dampen activity, Brisbane and Perth will both see increases in auction numbers with 166 and 11 auctions scheduled respectively.
Auction numbers in Adelaide will be down to 115 from last week’s total of 145, thanks to Adelaide Cup festivities.
In Canberra, 48 auctions are set to take place this week – down from 113 last week – while just one home is scheduled to go to auction in Tasmania.
Last week, a total of 2,665 homes went to auction, a slight decrease from the week prior. While the second week of February saw clearance rates surpass 70 per cent, this has since been softening, and last week’s clearance rate was just 67.5 per cent.
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