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Auction activity across combined capital cities is set to plunge this week ahead of the King’s Birthday long weekend occurring in most states.
Cotality’s latest Auction Market Preview found that for the week ending 8 June, there are 1,351 capital city homes currently scheduled for auction.
The figure is a stark decrease from the 2,918 homes taken to auction the week ending 1 June, which was the second-busiest auction week of the year so far.
This time last year, there were 1,317 auctions held across the capital cities.
Sydney is scheduled for the most auctions this week, with 623 homes set to go to auction, a decrease from the 1,057 homes auctioned last week but higher than the 523 homes one year prior.
Melbourne follows with 461 homes scheduled to auction, after seeing 1,516 last week and 488 this time last year.
Out of the smaller capital cities, Brisbane will host the most auctions this week, with 133 homes scheduled for auction following 150 auctions last week.
Adelaide will follow with 86 homes set to go to auction after recording 109 auctions the previous week.
Canberra is set for just 41 homes to go under the hammer, with 74 auctions held the week before.
Meanwhile, just six homes are scheduled to go to auction in Perth, with no auctions to be held in Tasmania.
Despite the decline, Cotality said that auction activity is projected to increase next week, with just under 2,100 capital city homes scheduled to go under the hammer.
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