Largest volume of auctions held since the week prior to Easter 2022
Largest volume of auctions held since the week prior to Easter 2022
Ahead of next week’s Easter long weekend, we are expecting to see the largest volume of auctions held this week since the week prior to Easter 2022 when 4,035 homes were taken to auction. There are currently 3,470 homes scheduled for auction across the combined capital cities this week, up from 2,834 last week and 2,303 last year. Meanwhile, the week prior to Easter last year (w/e 2nd April) saw significantly fewer homes taken to auction across the combined capitals (2,687). As well as seasonal effects, auction numbers may have seen a boost from stronger capital growth performance and higher auction clearance rates through the start of 2024, compared to what was observed in the final months of 2023.
There are 1,258 auctions scheduled in Sydney this week, up 44.1% on last week (873), and 59.2% higher than the same week last year (790). This is the busiest auction week for Sydney since the week prior to Easter 2022 (1,490). In comparison, the week prior to Easter last year saw 1,017 Sydney homes taken to auction.
Auction activity is set to increase across Melbourne with 1,679 homes scheduled for auction, up 13.2% on last week (1,483), marking the busiest auction week since w/e 29th October 2023 (1,725). This time last year, 1,137 auctions were held across the city, while the week prior to Easter last year saw 1,202 homes taken to auction.
Across the smaller capitals, Brisbane (238) and Adelaide (177) are set to see an increase in auction volumes week-on-week, up from 182 and 158 respectively, while all other capitals will see slightly fewer homes taken to auction. There are 103 auctions scheduled in Canberra, down from 116 last week, followed by Perth where 14 homes are set for auction, down from 19 last week. There is just one auction on the radar in Tasmania this week, down from three last week.
Next week will see auction volumes drop due to the Easter long weekend, with around 900 capital city homes currently scheduled for auction. In comparison, Easter 2023 saw 652 auctions held, while Easter 2022 saw 926 homes taken to auction across the combined capitals.
The complete Auction Market Preview for the week ending 24 March 2024 can be downloaded below.
