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Anzac Day weekend to see auction numbers fall
Auction activity is set to take another hit, with a lower number of homes expected to go under the hammer for the week concluding 26 April 2020.
According to CoreLogic’s National Auction Market Preview, there are just 314 properties scheduled for auction across the combined capital cities this week.
“The lower volumes this week can likely be attributed to Anzac Day this weekend taking precedence on Saturday, a day that is usually the auction market’s busiest day,” CoreLogic said.
“There is also the expectation that as the week’s progress auctions scheduled pre-restrictions will be less evident and vendors serious about taking their property to auction in more challenging conditions will be significantly less.”
Sydney is expected to see the greatest number of auctions out of the capital cities with 152 expected.
This is set to be followed by Melbourne with 89, Brisbane with 30, Canberra with 25, Adeliade with 11, Perth with seven, Northern Territory with two and Tasmania with zero.
The 89 Melbourne homes scheduled for auction this week represents a significant dive from the week prior, where 1,016 homes went under the hammer.
Sydney is also down from the 735 homes scheduled last week.
“The remaining smaller auction markets all have a lower number of scheduled volumes over the week,” CoreLogic said.
“It’s important to note, such low volumes become a much less relevant timely indicator of trends in the market. However, we will continue to monitor.
“It’s not unusual for volumes to dip over national public holidays. However, given additional challenges around on-site auction restrictions, it will be interesting to see if volumes increase next week.”
