After delays from the extended lockdowns in Sydney, Melbourne and Canberra, the spring selling season is going full steam ahead with 4,354 capital city homes set to go under the hammer this week. This week marks the first time the number of auctions held across the combined capitals will exceed 4,000 and is expected to overtake the week ending 25th March 2018 (3,990) as the busiest auction week on record.

A combination of seasonal factors and COVID-19 lockdowns saw the volume of auctions fall through July and August, before hitting a recent floor in early September, when 1,423 homes were taken to auction. Since then the number of auctions held has risen by approximately 10% a week, to record a total increase of more than 200%. Compared to last week, this week’s volume of auctions is set to be up 17.0% (3,720) and more than double the number recorded this time last year (2,168).

This article was first published by CoreLogic - by Kaytlin Ezzy, Research Analyst at CoreLogic.

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