Summer off to a sizzling start for auctions
Last week’s all-time auction activity record may stick around, but it’s still set to be a massive weekend for auctions Australia-wide.
In its latest auction market preview, CoreLogic is predicting volumes to stay high for the first weekend of summer. The research group is predicting the week ending 5 December 2021 to become the second-busiest period for auctions since records began in 2008.
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It’s off the back of the announcement that the week ending 28 November was the busiest week for auctions on record.
A total of 4,222 homes are expected to go under the hammer – slightly lower (0.7 per cent) than the 4,251 homes taken to auction just last week.
It’s also only the second time ever that predicted auction volumes had exceeded 4,000.
A far cry from the 2,085 auctions reported over the same period in 2020, it’s likely a consequence of the delayed start to the hotly anticipated spring 2021 selling season, after widespread lockdowns hampered activity for much of August, September and October.
Melbourne once again takes the crown for the highest number of auctions, with 1,887 homes expected to go under the hammer. At this stage, it will mark the city’s third-highest auction volume for 2021.
It’s a slight decrease on the 1,910 auctions that took place last week but more than double the amount of homes up for grab over the same period in 2020.
Sydney’s figures are on par with auction numbers from the last full week of November. If all 1,547 auctions do go ahead, it could become Sydney’s second-busiest on record and would see the city’s auction volumes grow for a ninth consecutive week.
Like Melbourne, this week’s expected figures are a long way off what was available for potential purchasers in 2020. Over the same week last year, just 867 homes were up for auction in Sydney.
Adelaide and Canberra are highly unlikely to top their record-breaking auction weeks from the last full week of spring. Despite this, both cities aren’t far off – reporting 299 and 180 auctions, respectively (from record highs of 303 for Adelaide and 187 for Canberra).
Up in Queensland, Brisbane is expecting to see 279 homes go under the hammer – a 10 per cent boost to the 253 auctions reported in the previous week.
Perth is set to play host to 25 auctions of its own, while Tasmania will see its most auctions in a little while, with five properties aiming to find buyers at auction over the weekend.