The auction market is predicted to see the largest volume of auctions seen since the week before Easter 2022, according to a new report from CoreLogic.
In its auction market preview for the week that will end on March 24, CoreLogic is expecting to see an increase in the number of homes that are scheduled for auction this week, which will surpass what was seen in the week before Easter 2022.
During that time, about 4,035 homes were auctioned. The number of homes that are scheduled for auction is currently 3,470, which was an increase from the 2,834 seen in the previous week and the 2,303 in the previous year.
In Sydney, there are about 1,258 auctions this week, a 44.1% increase from the previous week and 59.2% higher than the same time in the previous year. Melbourne saw 1,679 homes up for auction, a 13.2 % increase from the previous week. Meanwhile, the number was only 1,202 at the same time in the previous year.
Brisbane and Adelaide were both set to see an increase in the number of auctioned homes on a week-over-week basis with 182 and 158, respectively while other capitals will be seeing a smaller number. Canberra only has 103 auctions scheduled, a decrease from the 116 seen in the previous week. Perth went down by five homes from the 19 set for auction in the previous week. Tasmania only has one auction scheduled, while it had three in the previous week.
The Easter long weekend is set to cause a drop in auction values as 900 capital city homes were scheduled for auction. The same time in the previous year had about 652 auctions held, while Easter 2022 had 926.
Last week, about 2,834 homes from capital cities were taken to auction, which was an increase from the 1,745 seen one week prior.
