Auction volume has dipped this week following an acceleration in the previous weeks. Typically the market peaks before Easter, so it’s no surprise to see this drop-off, but given the current surge in prices, the market might behave differently in 2021.
Fewer homes are scheduled for auction this week. A total of 1,610 auctions are scheduled for auction across the combined capital cities, 35% lower than last week’s volume at 2,473, according to the latest CoreLogic Auction Market Preview for the week ending 7 March 2021.
The largest fall in auction activity has been recorded in Melbourne. In contrast, Sydney only took a slight dip.
| Cities | Last Week | This Week |
|---|---|---|
| Total (all cities) | 2,473 auctions | 1,610 auctions ( – 34.89%) |
| Sydney | 844 auctions | 833 auctions ( – 1.3%) |
| Melbourne | 1,299 auctions | 483 auctions ( – 63%) |
Data source: CoreLogic Auction Market Preview
Are you buying your first home at auction?
If you’ve made up your mind to buy your first home at an auction, it would be best if you secured a reliable pre-approval from one of the major lenders.
Without a pre-approval, buying a property at an auction is usually a major financial misstep that may ruin your future. For more information, read through our comprehensive guide on purchasing a property at auctions.
Speak to our specialist mortgage brokers who can connect you to the lender best suit your situation and mortgage requirements. Give us a call on 1300 889 743 or simply fill in our free online assessment form today.