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Auction activity thaws after typical cold weather dip

By Staff Reporter
24 May 2024 | 8 minute read
melbourne sydney spi

The number of homes hitting the block over the course of this week has risen slightly after a decline that’s expected during this time of the year.

CoreLogic reported that 2,246 capital city homes are scheduled to go under the hammer during the week ending 26 May. This reflects a 4.7 per cent increase over last week and a 19 per cent jump from this time last year.

Melbourne will see auction volumes hold above 1,000 for the fourth consecutive week as the city once again steals the top spot. The Victorian capital is expected to play host to 1,050 onsite or in-room sales during the seven-day period. This is 4.1 per cent higher than last week’s 1,009 auctions, and 24.4 per cent above the corresponding week in 2023.

Sydney is next in line with 806 homes set for auction, up from 725 the week prior. It will be the harbour city’s busiest week since mid April.

In the smaller capitals, Brisbane expects 153 homes to go to auction, while Adelaide has 143 homes scheduled. This is a decrease for both, which had 178 and 156 homes respectively up for auction during the week prior.

However, volumes will rise in Canberra with 81 homes planned for auction, and Perth with nine.

Four homes are on the calendar in Tasmania this week after a week of inactivity.

Auction activity is expected to continue trending higher next week, with approximately 2,350 homes up for auction currently scheduled across the combined capital markets.

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