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The auction market is belatedly heating up, with most capital cities seeing an increase in scheduled auction activity.
A total of 2,759 homes are up for auction across the capital cities this week, a 38.9 per cent increase from last week.
Last year at this time, 1,084 capital city homes went under the hammer.
As the vaccine rollout continues to be implemented and lockdown rules set to ease, consumer confidence is likely to return, which looks likely to continue pushing Melbourne auction volumes upward.
With 1,320 homes scheduled to go up for auction, Melbourne is set to have its busiest week since late June. This is an increase of 64 per cent over the previous week’s auction total of 805 auctions.
It’s a far cry from the 59 auctions held in the city at this time in 2021.
After a brief interruption in Sydney’s upward trend due to the long weekend last week, the NSW capital is back on track with 890 homes to be auctioned this week. This is 137 homes more than the 753 auctions the previous week.
This time last year, 751 auctions were held in Sydney.
Moving over to the smaller capital cities, Brisbane is expected to have its busiest week since November 2017, with 203 homes scheduled to be auctioned.
Adelaide comes in second with 193 homes, and Canberra comes in third with 130 homes to go under the hammer this week. This is the most auctions held since the last week of November 2018 for these capital cities.
This week, expects 20 homes to go under the hammer, while Tasmania has three auctions scheduled.
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.
Capital refers to the financial resources that are available to be used for income generation.