Auction activity continues to cool as the year nears its close, with 2,492 homes scheduled for auction across capital cities this week, CoreLogic reported.
This marks a decline from 2,881 auctions last week and a more significant drop compared to the 3,042 auctions held during the same week last year.
CoreLogic research analyst Caitlin Fono (pictured above) attributed the decline to seasonal trends.
“Auction activity is beginning to cool as we approach the end of the year, with just under 2,150 capital city homes set for auction across the combined capital cities next week,” Fono said.
In Melbourne, 1,088 auctions are planned, down from 1,390 last week and 1,415 this time last year. Sydney’s auction activity is also tapering, with 972 homes set to go under the hammer, compared to 1,031 last week and 1,072 a year ago.
Among smaller capitals, Brisbane leads with 193 scheduled auctions, followed by Adelaide (150), Canberra (72), Perth (14), and Tasmania (3). Activity is expected to drop further next week, with under 2,150 auctions projected across all capitals.
Last week saw 2,881 auctions held across combined capitals, an increase from 2,640 the week prior but lower than the 2,963 recorded during the same period last year.
As the holiday season approaches, auction numbers are declining, mirroring seasonal trends. Clearance rates remain under pressure, with most capitals failing to cross the 60% mark consistently.
Next week’s anticipated drop in auction volumes signals a slowing market as buyers and sellers shift focus to the new year, CoreLogic said.
Compare the latest auction figures with the previous results.
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