This week marks a significant spike in auction activity across Australia's capital cities, with 3,190 homes scheduled to go under the hammer on what real estate agents term a 'Super Saturday'.
CoreLogic reports it's the second busiest week of the year for auctions, surpassed only by the flurry of activity leading up to Easter, when 3,519 homes were on the block. By comparison, last week saw 2,541 properties up for auction, while the same week in 2023 saw 3,381 homes listed.
Melbourne dominates the auction scene
Melbourne is once again in the spotlight, hosting the lion's share of this week's capital city auctions. A total of 1,635 homes are set to go under the hammer, a significant jump from last week's 1,098 auctions. While it's an impressive surge, it falls just short of the 1,725 auctions held during the same week last year.
This week's auction volume represents the second busiest for Melbourne in 2024, reflecting a high level of seller confidence in the market. However, the rhythm of the city's auction scene is poised for a brief slowdown as the Melbourne Cup Carnival approaches. Next week, auction activity will dip sharply, with fewer than 500 homes expected to go to auction in the city. The temporary drop in listings is a seasonal trend, as attention shifts from real estate to the race that stops the nation.
Sydney auction activity on the rise
Sydney is also seeing a solid week, with 1,053 homes going to auction. That's up from 974 auctions last week and is just shy of the 1,071 properties listed during the same period last year. The numbers reflect the steady pace of Sydney's auction market, which has seen consistent activity throughout the year.
For buyers, the abundance of listings means more choice and potentially less competition in the bidding process. For sellers, the ongoing demand suggests a balanced market where homes are finding buyers, even as the year progresses toward its end.
Smaller capitals hold steady
While Melbourne and Sydney dominate the auction landscape, the smaller capitals are also showing a healthy level of activity. Adelaide leads the charge with 207 auctions this week, followed by Brisbane with 197 properties going under the hammer. Both cities are seeing solid interest from buyers, particularly as more people look beyond Sydney and Melbourne for affordability and lifestyle.
Canberra has 82 auctions scheduled this week, reflecting the capital's relatively stable market, while Perth trails behind with just 15 homes going to auction. Tasmania remains quiet, with only one auction scheduled this week. These figures reflect the typical auction activity in smaller markets, where private sales tend to play a more prominent role than in the larger capitals.
Auction volumes to dip next week
Looking ahead to next week, auction volumes across the capitals are expected to take a breather, with around 2,100 homes currently scheduled. This anticipated drop can largely be attributed to the Melbourne Cup Carnival and with fewer than 500 auctions on the calendar for Melbourne, the quieter week will likely have a flow-on effect on national auction volumes.
What this means for buyers and sellers
This week's surge in auction listings presents a unique opportunity for buyers. With over 3,000 homes going under the hammer, the increased supply may help to ease some of the competition seen in recent months, particularly at the lower price points in the market.
Melbourne buyers will have plenty of choice with increased listings, and with next week's dip in auction activity, this could be a key time to secure a property.
READ: Your guide to winning at Super Saturdays
READ: Ten things to know before taking the next step on the property ladder
