Busy week of auctions ahead, says CoreLogic
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Oct 25, 2019
Busy week of auctions ahead, says CoreLogic
Melbourne will be the main buzz for auction activity this week, leading up to Melbourne Cup week.
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Greg Hocking Real Estate22 Railway St South, Altona is one of the many properties going under the hammer this weekend.
According to CoreLogic's preview for the week ahed auction activity is set to rise across the combined capital cities with 2,436 homes scheduled to go under the hammer, making it the busiest week for auctions so far this year.
In comparison, there were 1,955 homes taken to auction over the previous week, while this time last year, a higher 2,928 auctions were held.
The increase in auction activity is largely due to Melbourne, where vendors are rushing to auction prior to the Melbourne Cup week slowdown.
At a glance:
- 2,436 homes to go under the hammer compared to 1,955 last week
- Increase in auction activity due to Melbourne Cup week approaching
- Expected to be 1,435 auctions in Melbourne alone
The city is currently expecting around 1,435 auctions this week, the busiest week Melbourne has seen since this time last year, when 1,709 homes were taken to auction.
Sydney is set to see auction volumes remain relatively steady week-on-week, with 729 homes set to go under the hammer this week, while one year ago, 798 auctions were held across the city.
As for the smaller auction markets, Adelaide and Tasmania will see auction volumes increase week-on-week, while Brisbane, Canberra and Perth will see fewer auctions.
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