As the second half of winter continues to unfold, auction volumes are expected to rise by 12.7% on last week’s activity, with an impressive 1,967 homes currently scheduled for auction across the combined capital cities. This marks an increase of 27.8% from one month ago (1,539) and 22.1% higher than this same period last year (1,611).
Melbourne stands out as the busiest auction market this week, with 847 homes set to be auctioned across the city. This is up 9.7% from the previous week (772) and a remarkable 32.3% higher than this time last year (640). In 2023, Melbourne has recorded an average of 714 dwellings auctioned each week, making it a hot spot to watch.
Not to be outdone, Sydney is preparing for 819 homes to go under the hammer this week. This represents an 18.4% increase week-on-week (692) and is 33.2% more than what was seen during this time in 2022 (615). In fact, this week’s activity marks the highest number of dwellings set for auction since the week before Easter in 2023 (1,017) and the third busiest week of the year-to-date, just behind 859 auctions held during the last week of February.
Moving onto the smaller capital cities, Brisbane is expecting the largest increase in auction volume this week with 128 scheduled, up by an impressive 50.6% from the prior week (85). On the other hand, Adelaide is set to host 92 auctions, down by 12.4% from the previous week. Meanwhile, in Canberra, there will be 70 auctions hosted, representing a drop of 15.7% week-on-week. Perth has 11 auctions scheduled, a slight increase from the seven held the week prior, and Tasmania has no auctions listed.
It’s evident from these numbers that the auction market is experiencing an exciting surge in activity, particularly in Melbourne and Sydney. Both cities are witnessing significant increases in the number of properties going up for auction compared to last year, indicating a strong and thriving market.
The reasons for this surge in auction activity could be due to a range of factors, including falling interest rates, rising property prices, and increased buyer confidence. Whatever the reasons may be, property sellers and buyers alike can take advantage of the opportunities offered by this highly competitive auction market.
For those looking to buy or sell a property within these bustling markets, it’s crucial to stay informed and up-to-date with the latest trends and changes. In doing so, you’ll be better positioned to make informed decisions and ultimately achieve your property goals.
This week’s impressive auction figures serve as a testament to the resilience and growth of the Australian property market, particularly in Melbourne and Sydney. With such high levels of activity, both buyers and sellers can feel excited about the possibilities that the auction market offers in the coming weeks and months.
To stay informed about the latest auction trends and data, be sure to download the complete Auction Market Preview for the week ending 13 August 2023 (which can be found in the link provided in the original article). By staying ahead of the curve and understanding the dynamics of the market, you’ll be in the best possible position to make the most of the opportunities presented by this thriving auction environment.
