New supply sees scheduled auction numbers continue to surge
It has definitely been a late-blooming spring selling season this year, with CoreLogic revealing another mammoth week for scheduled auctions.
According to the latest weekly auction preview, 3,810 homes are expected to go under the hammer across Australia’s capital cities for the week ending 21 November.
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CoreLogic said it would be the busiest week for auctions since March 2021 – and likely the fourth-busiest week on record since CoreLogic began compiling auction data all the way back in 2008.
CoreLogic research analyst, Kaytlin Ezzy, has noted that this week’s numbers are a boost on the 3,539 auctions that took place over the week ending 14 November.
It’s also more than double the volumes recorded over the same period in 2020.
Having recently suffered through yet another lockdown, Melbourne’s numbers continue to surge – and that’s even ahead of the news that the city would see more restrictions ease over the coming days. This week, the Victorian capital is set to play host to 1,651 auctions. It marks the seventh week in a row that Melbourne has achieved auction numbers above 1,000.
While the city had recorded 1,564 auctions last week, it’s a very different story to this time last year, when just 646 homes went under the hammer.
Sydney is also surging ahead – expecting its busiest week for the entire year. CoreLogic has revealed the city is expecting 1,439 auctions this week – a 14.3 per cent boost to auctions from last week’s 1,259 and a 78.8 per cent increase on the 805 auctions that took place over the same week of November in 2020.
According to Ms Ezzy, auction volumes are up by more than 90 per cent (91.9 per cent) in the NSW capital.
It’s not just the bigger cities seeing the benefit of boosted auction supply. Adelaide and Canberra are scheduled to host 260 and 180 auctions, respectively, which Ms Ezzy explained would see them overtake the week prior as their busiest auction weeks on record.
In Brisbane, numbers are slightly down on last week’s 287 auctions. In saying that, the 250 that are pencilled in still mark a massive increase on the 119 reported during the same period in 2020.
In Perth, 29 homes are expected to go to auction across the week, while one Tasmanian vendor is looking to find a buyer via auction this weekend.