Slower auction activity projected this week

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CoreLogic released its Auction Market Preview for the week of September 16 on Thursday. The report showed that a total of 1,882 auctions across capital cities are being tracked, marking a decrease from the 1,916 auctions recorded the previous week.

The report also revealed that volumes declined by 25% compared to the 2,510 auctions held in the same week one year earlier. Digging deeper, it can be observed that sales volumes have been relatively flat since the Spring season began this year.

Providing a glimpse of the market movement in specific cities, CoreLogic noted that 928 Melbourne homes are currently scheduled to go under the hammer during the week, an increase from the 891 auctions the week before, but lower than the 1,265 auctions held in 2017.

Sydney, meanwhile, is projected to list 647 homes this week, down from last week's figure of 656. Further, the number of anticipated homes being taken to auction was even lower compared to a record of 916 auctions last year during the same period.

Finally, Adelaide, Brisbane and Perth were expected to hold fewer auctions this week, while Canberra will see a similar volume of auctions held week-on-week.

The busiest suburbs for auction are all located in Victoria. Taking the top spot was Reservoir, with 20 homes scheduled for auction, followed closely by Balwyn North (17), Bentleigh East (15) and Cheltenham (13).

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