Auction Market Preview - 21 May 2023

The previous week saw 1,692 homes auctioned, while this week last year, 1,672 homes went under the hammer across the combined capitals.

Melbourne is set to host the busiest auction market this week, with 842 homes scheduled for auction across the city. This is 13.2% higher than the 744 auctions held last week and is 18.3% above the 712 auctions held over the same week last year.

There are 790 homes scheduled to go under the hammer in Sydney this week, up 21.5% from the 650 auctions held last week and 48.5% above the 532 held this week last year when the first interest rate rise weighed heavily on vendor confidence.

Auction activity across the smaller capital cities is expecting a mild rise this week with 316 auctions scheduled across the smaller capitals. Brisbane is expecting the busiest week among the smaller capitals, with 124 homes scheduled for auction, six more than last week. This is followed by Adelaide (103), up 33.8% on last week's 77 auctions, and Canberra (71), down -15.5% compared to the previous week. In Perth, 18 homes are scheduled for auction, while no homes are currently set to go under the hammer in Tasmania.

Capital city auction activity is expected to continue to remain steady next week, with around 1,950 homes currently scheduled for auction.

The complete Auction Market Preview for the week ending 21 May 2023 can be downloaded below

Auction Market Preview

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