King’s Birthday long weekend sees auction activity plummet

There are 1,327 capital city homes currently scheduled for auction this week, down -44.2% from last week when 2,380 auctions were held. The lower volumes are attributed to the King’s Birthday long weekend in six of the eight states and territories. This time last year, 1,033 auctions were held across the combined capital cities.

Auction volumes across Melbourne are expected to drop significantly this week, after holding above 1,000 for the past five weeks. This week’s expected volumes (480) are -56.7% lower than last week (1,109) but 52.4% higher than this time last year (315).

Sydney will host the most auctions this week with 537 homes set to go under the hammer, down -40.3% from last week when 899 auctions were held. This time last year, just 468 auctions were held across the city.

Across the smaller capitals, Brisbane (130), Adelaide (99) and Canberra (65) are expecting to see fewer homes taken to auction week-on-week, down from 141, 152 and 68 respectively. There are 15 auctions scheduled in Perth, up from 11 last week, while there is just one auction scheduled in Tasmania this week.

Auction activity will pick up again next week with just under 2,300 auctions currently scheduled across the combined capitals.

The complete Auction Market Preview for the week ending 9 June 2024 can be downloaded below.

Auction Market Preview

Source:  Corelogic RPData