Capital city auctions are expected to rise 15.1% this week, bucking the seasonal trend, with 1,948 houses to go under the hammer across the combined capitals, new CoreLogic figures showed.
Last week, 1,692 homes were auctioned, while 1,672 homes went under the hammer across the combined capitals this week last year.
Melbourne is set to host the busiest auction market this week, with 842 homes scheduled for auction across the city. That’s up 13.2% than the 744 auctions the previous week and up 18.3% the 712 auctions held over the same week last year.
In Sydney, 790 homes were scheduled to go under the hammer this week. That’s a 21.5% increase from the 650 auctions held last week and up 48.5% from the 532 held this week last year when the first interest rate rise weighed heavily on vendor confidence.
Across the smaller capital cities, a mild rise in auction activity is expected this week, with 316 auctions scheduled across the smaller capitals.
Brisbane is tipped to have the busiest week among the smaller capitals, with 124 homes set to be auctioned, six more than last week. This is followed by Adelaide with 103, up 33.8% on last week’s 77 auctions, and Canberra with 71, down -15.5% compared to the previous week.
There are 18 homes set to be auctioned in Perth, while no homes are currently set to go under the hammer in Tasmania.
Capital city auction activity is expected to continue to remain steady next week, with around 1,950 homes currently scheduled for auction, CoreLogic said.
The previous week saw auction activity dip by -1.9%, with 1,692 homes taken to auction across the combined capitals, down from the 1,724 auctions held the week prior. Of the figure, 70.7% reported a successful result, marking the second consecutive week that combined capitals recorded a preliminary clearance above 70%.
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