Homebuyers on the hunt this weekend might want to keep an eye on the auction market – there is a 9% increase in auction volumes compared to this time last year.
There are 2,345 auctions scheduled across Australia this week with 1,936 expected in capital cities, according to RP Data. Auctions will occur in 1,096 separate suburbs.
The 9% increase in auction volumes compared to this time last year is driven mainly by the Sydney market, where there has been a substantial shift in selling methods for residential property, RP Data housing market specialist Robert Larocca said.
In Melbourne there are 922 auctions scheduled compared to 335 last week. In the first three months of this year 30.6% of sales were by auction. This is consistent with last year but is expected to rise as data for April and May is compiled once sales are settled, Larocca said.
In Sydney there are 744 auctions expected compared to 577 last week. The substantial shift to the use of auctions for sales is revealed by new data showing that in the first three months of this year an unprecedented 25.5% of all sales were by auction compared to 13.9% last year, Larocca said.
Brisbane has 117 expected auctions following 95 last week, and Adelaide has 69 expected auctions compared to 78 last week.
Canberra has 39 scheduled auctions similar to the 44 last week, and Perth has 29 auctions, higher than last week’s 38.
There are 15 auctions scheduled in Tasmania.
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