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Auction volumes nationwide are expected to rise by over 50 per cent compared to last year’s activity, with Sydney taking the lion’s share.
CoreLogic, soon to be rebranded as Cotality, reported in its latest Auction Market report that auction volumes across the country are expected to increase by over 50 per cent.
Data shows that 2,995 homes across all capital cities are scheduled for auction in the week ending 13 April, marking a 23.4 per cent increase from last week’s 2,427 auctions and 1.4 per cent higher than the 1,978 auctions held during the same period last year.
CoreLogic said the surge mirrors historical auction numbers in the lead-up to Easter, as 3,519 homes were taken to auction the week before Easter this time last year.
Sydney is set to be the busiest auction market this week with 1,344 homes currently pencilled in for auction, up 49.7 per cent from the 898 homes taken to auction last week.
At this time last year, Sydney held 821 auctions before seeing an increase the week before Easter when 1,199 homes were auctioned.
This week ending on 13 April marks the busiest auction period the city has experienced since the week before Easter in 2022, which saw 1,490 auctions.
Following closely, Melbourne expects to see 1,231 live sale events, up from the 1,142 auctions last week but down from the 1,760 auctions held at the same time last year.
Brisbane is the only city expected to see a decline in auction volume this week, despite leading the smaller capitals with 136 homes set to go under the hammer, a decrease from the 168 auctions held last week.
Adelaide’s auction volume is projected to rise from 117 auctions last week to 173 scheduled auctions.
Canberra’s 99 properties scheduled for auction this week jump slightly from the 90 live sale events held last week.
Perth and Tasmania’s auction volumes remain steady, with 10 homes scheduled for auction in Perth and two in Tasmania.
CoreLogic predicted that the week ending 20 April would see auction volumes drop in the lead-up to the Easter long weekend, with around 620 capital city homes currently scheduled for auction.
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