Auction Market Preview
Just over 2,000 capital city homes scheduled for auction
Auction volumes are set to remain relatively low again this week with the Labour Day long weekend in NSW, ACT and SA, and the King’s birthday long weekend in Qld. There are currently 2,007 capital city homes scheduled for auction, up 9.3% on last week when 1,836 homes were taken to auction. One year ago, 2,446 homes were taken to auction across the combined capitals.
Auction activity across Melbourne has bounced back after the AFL Grand final slowdown with 1,089 homes currently scheduled for auction, up from just 236 last week. This time last year, 1,152 auctions were held across Melbourne.
Sydney will see auction volumes drop due to the Labour Day long weekend, with 588 homes scheduled for auction. This is the quietest auction week the city has seen since mid-July (560). Last week saw 1,199 homes taken to auction, while this time last year, 921 auctions were held across the city.
With the exception of Canberra, there is little to no change in auction volumes week-on-week across the smaller capitals. Brisbane is set to host 153 auctions this week, compared to 154 last week, while 129 auctions are scheduled in Adelaide, unchanged week-on-week. There are just 37 homes set for auction in Canberra this week, down from 108 last week, while ten auctions are scheduled in Perth, compared to nine last week. There is just one auction on the radar in Tasmania this week.
We are expecting to see auction volumes rise again next week with around 2,650 capital city homes currently scheduled for auction.
The complete Auction Market Preview for the week ending 6 October 2024 can be downloaded below.
