Auction Market Preview - 15 March 2024

There are currently 2,797 homes scheduled for auction across the combined capital cities, the second busiest auction week of the year to date, behind w/e 25th February (2,853). Last week saw significantly fewer homes taken to auction due to the public holiday long weekends in four of the eight states and territories (1,745). This time last year, 2,226 capital city homes were taken to auction.

There are 914 auctions scheduled in Sydney this week, up 1.8% on last week (898), and 16.9% higher than the same week last year (782).

Auction activity is set to increase across Melbourne with 1,432 homes set for auction, up significantly from last week when the Labour Day long weekend impacted auction volumes (496). This time last year, 1,047 auctions were held across the city.

Across the smaller capitals, Brisbane is set to host the most auctions this week (175), up from 168 last week, followed by Adelaide (150), up from 117 last week. In Canberra, 104 auctions are set to take place this week, up from 52 last week. There are 19 auctions scheduled in Perth this week, compared to 13 last week, while there are three homes scheduled for auction in Tasmania, compared to just one last week.

Next week will see auction volumes rise above 3,000 for the first time this year, with just under 3,400 homes currently scheduled for auction across the combined capitals. We then expect volumes to drop substantially over the following week due to the Easter long weekend, with an early view of auction numbers suggesting around 800 capital city auctions will be held.

The complete Auction Market Preview for the week ending 17 March 2024 can be downloaded below.

Auction Market Preview

source: Corelogic RPData