Auction Market Preview - 12 May 2024
Fifth busiest auction week of the year to date
Auction volumes are set to increase 5.1% week-on-week with 2,315 capital city homes currently scheduled for auction making it the fifth busiest auction week of the year. The previous week saw 2,202 homes taken to auction across the combined capitals, while this time last year, 1,692 auctions were held.
Melbourne is set to see auction volumes hold above 1,000 again this week with 1,120 auctions currently scheduled across the city, up 6.0% on last week (1,057) and 50.5% higher than this time last year (744).
Sydney is expecting 835 auctions this week, up 10.6% from 755 last week and 28.5% higher than one year ago when 650 auctions were held across the city.
Looking at the smaller capitals, Adelaide is set to see auction volumes fall -18.0% week-on-week with 109 auctions currently scheduled across the city, down from 133. Canberra is also set to see auction volumes fall this week, with 73 homes set for auction, down -9.9% from 81 over the previous week. Brisbane is the busiest auction market outside of the major capitals, with 167 auctions on the radar this week, compared to 165 last week. Perth is expecting nine homes to go under the hammer this week, down from 10 last week, while two auctions are scheduled in Tasmania, up from just one last week.
Auction activity is expected to fall slightly next week, with around 2,150 auctions currently scheduled across the combined capital cities.
complete Auction Market Preview for the week ending 12 May 2024 can be downloaded below.
