Auction activity across the combined capitals is anticipated to experience a slight decline this week, with 2,371 homes expected to go under the hammer. Although this figure is down by -3.1% from the 2,446 auctions held last week, it is a significant increase from the same period last year (36.2%), when only 1,741 homes were up for bidding due to weaker selling conditions.
Melbourne, in particular, is predicted to witness the busiest auction activity this week, with 1,032 homes scheduled for auction. Despite a -10.4% decrease week-on-week, this is still an impressive turnout compared to last year’s numbers when 690 homes were auctioned, which was -33.1% lower. Last week, Melbourne hosted its most bustling auction week since Easter, with 1,152 homes going under the hammer.
Sydney is expected to host 981 home auctions this week, reflecting a 6.5% increase from last week’s figure of 921 and a whopping 47.7% increase from the 664 auctions held during the same period last year.
As for the smaller capitals, Adelaide is set to overtake Brisbane this year in terms of auction activity. Its 124 scheduled auctions have helped it inch past Brisbane, which is expecting a -11.9% week-on-week decline, with only 119 auctions scheduled. Canberra’s auction numbers are set to rise by 4.1% to 102, whereas Perth will see consistency with 12 auctions lined up, the same number as last week. Tasmania is the quietest of all the capitals, with only one home slated for auction this week.
An early analysis of the upcoming auction schedule indicates a trend of increasing auction activity in the capital cities. In fact, more than 2,500 auctions are expected to be held next week alone. This surge in auctions can be attributed to various factors, such as the improving economy and rising demand for residential properties.
In addition to the significant year-on-year growth in auction numbers, another notable trend is the increasing competitiveness amongst the capital cities. While Melbourne and Sydney continue to dominate the auction scene, smaller cities like Adelaide and Canberra are witnessing a steady rise in activity. This can lead to potential market growth and investment opportunities in these lesser-known regions.
Furthermore, the growth in auctions demonstrates a recovering real estate market and a renewed sense of optimism amongst buyers and sellers. This upswing in auction numbers is an encouraging sign that the economy is slowly rebounding from the challenges of the past year, including the pandemic and its effects on employment and the housing market.
In summary, the coming weeks are looking to be an exciting and possibly record-breaking time for capital city auctions. While Melbourne and Sydney continue to lead the pack, smaller capitals exhibit potential for growth, showcasing the rising confidence of both buyers and sellers in the Australian real estate market.
