Auctions set to smash records yet again
With more than 5,000 homes set to go under the hammer this week, CoreLogic is expecting not only a bumper weekend of auctions – but an eclipsing of the auction record set just two weeks ago.
In its latest auction preview, CoreLogic stated that Sydney, Melbourne, Canberra, Adelaide, and Brisbane are all set to record their busiest week of auctions since the research house began recording back in 2008.
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All up, CoreLogic is expecting 5,039 auctions across Australia’s capital cities over the week ending 12 December 2021.
That’s 19 per cent higher than the previous all-time high recorded just two weeks ago – the week ending 28 November 2021, when 4,153 homes went under the hammer.
It’s a far cry from market conditions experienced this time last year when just 2,580 homes were up for grabs.
Melbourne is expecting 2,304 auctions over the week. It’s the second time the city has ever played host to more than 2,000 auctions over a seven-day period and eclipses the previous record-high of 2,071 achieved back in March 2018.
In Sydney, a 26 per cent rise week-on-week means 1,847 homes are up for grabs in the harbour city. CoreLogic expects auction numbers to overtake the previous record-high of 1,631 achieved in November 2014.
Adelaide, Brisbane and Canberra are all looking at record-breaking weeks of their own.
Across Adelaide and Canberra, 318 and 221 auctions are penned in for the period, beating out the previous high recorded two weeks ago, when 303 and 187 auctions took place, respectively.
Brisbane is looking likely to bust a seven-year record with 316 auctions in the books – beating the 294 auctions from November 2014.
Across in Perth, 27 auctions are scheduled in, while Tasmania is set to play host to six auctions of its own.
