Just under half of all capital city auctions are set to take place in Melbourne this week (49.5%)

There are 2,840 homes set to go under the hammer across the combined capital cities this week, with just under half of these auctions taking place in Melbourne. This week’s auction volumes are up 35.8% from last week (2,091) and 16.9% higher than this time last year when 2,429 auctions were held across the combined capitals.

In Sydney, 1,039 homes are expected to go to auction this week, up 50.4% on last week (691) and 21.0% higher than the same week last year (859). This is the busiest auction week for Sydney since the week ending 10^th December 2023 (1,072).

Melbourne is set to be the busiest auction market this week, with 1,405 homes currently scheduled for auction, up 40.9% week-on-week (997). This time last year, 1,161 homes were taken to auction across the city. Like Sydney, this is the busiest auction week for Melbourne since the week ending 10^th December 2023 (1,415).

Across the smaller capitals, auction volumes are relatively similar week-on-week. Brisbane is once again set to host the most auctions (167), down slightly from last week (171), while there are 139 auctions scheduled in Adelaide, down from 142 last week. In Canberra, 82 auctions are set to take place this week, up from 78 last week. Six auctions are scheduled in Perth this week, compared to nine last week, while there are two homes scheduled for auction in Tasmania, down from three last week.

Original Source CoreLogic https://www.corelogic.com.au/news-research/news/2024/auction-market-preview-25-february-2024