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Auction volumes across the capital cities are increasing year-on-year, as activity rises three weeks before the Easter peak.
Cotality (formally known as CoreLogic) reported in its latest Auction Market Review that auction volumes across the country are expected to rise from the previous week.
Data shows that 2,728 homes across all capital cities are scheduled for auction in the week ending 23 March.
The activity marked a 14.2 per cent increase from last week when 2,388 auctions were held, and 1,827 more than a year ago.
Cotality reported that auction activity across the combined capitals this week is expected to be the third-busiest of the year so far, behind the weeks ending 23 February and 2 March.
Cotality said last year’s lower auction volumes were due to the Easter long weekend, which was on 31 March.
Sydney is set to be the busiest auction market this week with 1,114 homes currently pencilled in for auction this week, up 41.2 per cent from the 810 auctions last week.
Melbourne is expected to see 1,172 live sale events, slightly down from the 1,221 auctions last week and a significant increase from 283 auctions in the same period last year.
Cotality noted that Melbourne’s predicted auction activity this week will be above 1,000 for the third consecutive week.
Brisbane continues to lead the auction market among the smaller capitals, with 177 auctions set to go under the hammer, a 22.1 per cent increase from last week.
Adelaide’s auction volume has increased by 25.6 per cent from last week, with 152 homes scheduled for auction this week.
Canberra’s 67 properties scheduled for auction this week reflect a 14.1 per cent decrease in auction activity.
Perth currently has 13 homes set for auction, up from the previous week when 11 homes were taken to auction, while Tasmania has increased from the two auctions last week to three scheduled for this week.
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