Auction Market Preview - 5 May 2024

After holding relatively flat for the past four-weeks, the combined capitals are expecting a 14.8% rise in weekly auction activity, with 2,255 homes currently scheduled to go under the hammer. The previous week saw 1,964 capital city homes auctioned, while this time last year, 1,724 auctions were held across the capitals.

Melbourne's weekly auction activity is set to exceed the 1,000 mark for the first time in six weeks, with 1,048 homes set for auction. Compared to last week (893), this week's auction numbers are up 17.4%, and are 45.8% higher than this time last year when 719 auctions were held.

Sydney is expecting 823 auctions this week, up 23.4% from the 667 held the previous week. This week last year, the city was host to 639 auctions.

While the larger auction markets are expecting a weekly rise in auction numbers, the smaller capitals are scheduled for a -5.0% decline in auction activity this week, with weekly numbers falling across Adelaide (-9.5%) and Canberra (-3.7%) and holding steady across Brisbane. Brisbane is set to host the busiest auction market outside of the majors, with 168 auctions scheduled, followed by Adelaide (124) and Canberra (79). Perth is expecting 12 homes to go under the hammer this week, down from 15 last week, while just one auction is scheduled in Tasmania.

Auction activity is expected to remain elevated next week, with just shy of 2,200 auctions scheduled.

The complete Auction Market Preview for the week ending 5 May 2024 can be downloaded below.

Auction Market Preview

Tags