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Auctions volumes set to rise week-on-week

By Sebastian Holloman
31 May 2024 | 9 minute read
melbourne sydney adelaide brisbane canberra split reb m3xnsb

CoreLogic reports that auction volumes for the week ending 2 June 2024 are set to increase from last week’s activity.

Auction volumes across the country are set to increase with 2,395 capital city homes scheduled for auction over the week ending 2 June 2024, an increase from the 2,264 homes that went to auction the week ending 26 May 2024.

Alongside experiencing its fifth week with more than 1,000 auctions held, Melbourne is set to be the busiest auction market this week with 1,094 homes set to go under the hammer, an increase over last week’s 1,087 auctions.

Sydney’s auction volume has risen considerably with 934 homes scheduled for auction, an increase on last week’s 767 auctions. Notably, this result also registers as the city’s busiest auction week since the week prior to Easter’s 1,199 auctions.

Across the smaller capital cities, the three largest auction markets of Adelaide, Brisbane and Canberra have seen their auction volumes decrease week-on-week.

Adelaide’s 149 homes scheduled for auction saw this week’s volumes decrease from the previous week’s 157 auctions.

Brisbane’s 141 homes scheduled for auction also resulted in this week’s volumes falling from the 151 auctions the week prior.

Canberra also saw a reduction in volume over last week, with the city’s 69 properties on auction this week decreasing from the previous week’s 89 auctions.

Perth’s auction volume saw a minor increase with 11 homes scheduled for auction, up from last week’s nine auctions.

Tasmania currently has no homes scheduled for auction, a decrease from the four properties taken to auction last week.

Looking ahead, CoreLogic reported that auction volumes are expected to significantly drop due to the King’s Birthday long weekend occurring in six of the eight states and territories, with CoreLogic predicting around 1,300 capital city auctions will take place in the week ending 9 June 2024.

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