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The race that stops the nation won’t be stopping a large number of homes from going under the hammer in Victoria this week.
In the CoreLogic auction market preview for the week ending 1 November 2020, research analyst Caitlin Fono has highlighted an expected 27 per cent increase in auction activity over the coming weekend in Melbourne, with 622 homes scheduled to hopefully find buyers.
It’s an increase from the 490 homes that went to auction last week, while just 255 homes went under the hammer on the same weekend last year.
Ms Fono said, “The week prior to the Melbourne Cup traditionally sees auction volumes dip across the city.”
“Although the Melbourne Cup is still set to go ahead next week, it doesn’t appear to impact auction volumes to the extent that we would usually see, which is likely due to the fact that restrictions have only just started to ease.”
Sydneysiders are also showcasing confidence again, with 899 homes set to go to auction this week.
It’s an increase from last week’s figure of 700 and last year’s 843 auctions over the same period.
Adelaide and Brisbane markets are both expecting 92 auctions to take place over the weekend, while Canberrans have scheduled 85 auctions.
A further 16 homes are expected to be taken to auction in , while Tasmania has scheduled one auction for this weekend.
Overall, the 1,807 auctions slated to take place show auction volumes continue to rise – by around 27 per cent on last week’s combined 1,427 auctions.
This week’s figure is also an improvement on the same period last year, with CoreLogic highlighting 1,555 homes had gone under the hammer.
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.