Auction season continues to ramp up with a significant increase in capital city auction activity

Auction activity is set to ramp up significantly this week, with 2,091 homes currently scheduled for auction across the combined capital cities, up 27.3% from last week (1,642) and 13.3% higher than the same week last year (1,846).

Across Sydney, 737 homes are expected to go to auction this week, up 13.9% on last week (647) and 7.4% higher than the same week last year (686).

Auction activity is set to soar in Melbourne, with 966 homes currently scheduled for auction, up 45.5% from last week (664). This time last year, 814 homes were taken to auction across the city.

Across the smaller capitals, Brisbane is set to host the most auctions this week (167), up 10.6% on last week’s 151 auctions. There are 135 auctions scheduled in Adelaide, up 21.6% from last week’s 111 auctions, while in Canberra, 75 auctions are set to take place, up 23.0% from the 61 held last week. Eight auctions are scheduled in Perth this week, compared to seven last week, while there are three homes scheduled for auction in Tasmania, compared to just one last week.

The complete Auction Market Preview for the week ending 18 February 2024 can be downloaded below.

Original Source CoreLogic https://www.corelogic.com.au/news-research/news/2024/auction-market-preview-18-february-2024