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With a shift in auction activity, there has been a notable decline across major cities this week.
According to CoreLogic, 2,625 capital city homes are scheduled to go under the hammer in the week ending 24 November. That’s a slight drop from the 2,898 homes taken to auction last week and a significant decrease from the 2,949 auctions this time last year.
Melbourne is set to host 1,122 auctions this week, down from the prior week’s 1,340. Volumes have dropped compared to the 1,309 auctions held across the city this time last year.
Sydney is also expecting fewer auctions than last week, with 1,027 live sale events currently scheduled for this week. The previous week had 1,098 homes pencilled in for auction, while this time last year 1,142 auctions were held.
Across the smaller capitals, Brisbane continues to take the lead in auctions with 233 homes set to go under the hammer, a steady increase from last week’s 195 homes taken to auction. Canberra is also set to see a rise in auctions from last week’s 83, with 91 live sale events scheduled for this week.
Adelaide is expecting a drop from last week’s 162 auctions, with 137 auctions pencilled in this week. Perth continues to fluctuate between similar numbers from previous weeks with 15 auctions set to go under the hammer, down from last week’s 18.
It is expected that around 2,750 capital city homes will be set for auction across the combined capital cities next week.
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