- 3106 properties nationally to go under the hammer over the next week
- Adelaide on track to set another record auction volume with 308 scheduled
- National weekly, annual and five-year change all positive
Following reports earlier this month that Adelaide’s auction volumes were higher than ever, the City of Churches is on track to break this record yet again.
Busiest auction week on record
Domain have termed it a ‘Super Saturday’, with the upcoming Saturday set to see 3106 properties go under the hammer across the nation.
This is reportedly the highest number of Saturday auctions in Australia since March 2018, and a 13.9% increase on last week’s auction volumes.
Auctions this week
CoreLogic data however, shows predicted auction volumes to be higher at a national total of 4,354, marking the busiest week on record and the first time volumes have surpassed 4,000.
This same time last year, auction volumes were much lower with 2,168 occurring in a week.
This week’s Domain auction preview shows Melbourne to be the busiest capital city, with 1472 auctions scheduled and an increase on last week of 16.8%.
Perth, while the lowest auction volume of any capital city at 38 scheduled this week, will see a significant 153.3% rise from last week.
Canberra, Adelaide and Sydney are all set to see a positive weekly change, with only Brisbane expected to record a decline at -11.2%.
Upcoming auction summary
All capital cities have observed a positive annual change in auction volumes upwards of 40.5%, with Canberra the city of the smallest increase.
Melbourne, Brisbane and Adelaide all recorded annual increases slightly above 100%, while Sydney sat closer to Canberra with a 56.0% rise.
Perth is an obvious outlier with a annual change of 660.0%, however this large percentage change derives from minor changes to the typically low auction volumes.
Nationally, auction volumes compared to last year are expected to have increased by 84.6%, if this week’s auction schedule goes ahead as predicted.
Perth only capital expecting five-year decline
Overall, the auction market remains strong across Australia with increasing auction volumes seen across most states both weekly and annually.
The significant annual increase of 84.6% highlights the tremendous impact Covid had on the real estate market, placing restrictions on a vital method of selling.
However, 84.6% rise positively indicates the auction market is bouncing back from the hardships of the past year.
The hardships of Covid aside, the current auction market still compares positively to pre-Covid levels, with a 18.6% increase on volumes five years ago.
The same could be seen in most capital cities, with Perth the only to observe a decline (-9.5%) in auction levels when compared to the same time five years ago.