Reservoir to be busiest weekend auction hotspot: CoreLogic
Reservoir is once again the busiest weekend auction suburb this weekend, according to CoreLogic’s latest report.
The property data firm says that auction volumes will be lower for the first week of spring.
Reservoir in Victoria is the busiest suburb for auctions this week, with 17 homes scheduled to go to auction, followed very closely by Port Macquarie in NSW with 16 scheduled auctions, and Victoria’s Doncaster East and Balwyn North, with 15 and 14 auctions respectively.
The first week of Spring is expected to bring a lower volume of auctions, with 1,899 properties scheduled to go to auction this week across the combined capital cities, falling from last week when final results saw volumes reach their highest level since June (2,270).
While historically auction activity has seen an uplift over Spring, it has been noted in previous years that the first week of September usually sees a lower volume of auctions compared to the week prior.
Results from the corresponding week last year saw 1,899 auction’s held across the combined capital cities, which is the same number of auctions we are currently tracking for this week, although as the week progresses the number of auctions is likely to see some upward revision as results are collected.
The two largest markets of Melbourne and Sydney are both expected to see a decrease in auction activity this week, with 900 properties scheduled to go under the hammer in Melbourne, down -20 per cent from the 1,124 auctions held last week, while Sydney is set to see a fall of -13 per cent, with 725 auctions scheduled this week, down from the 832 held last week.
Across the smaller auctions markets, volumes are to fall across Brisbane, Canberra and Perth week-on-week, with Adelaide the only capital city to see a rise in volumes this week, while activity across Tasmania is expected to remain unchanged.
A three bedroom house at 53 Mahoneys Road, Reservoir (above) will go under the hammer this weekend.
A three bedroom townhouse at 3/23 Lake Street, Reservoir (below) will also go under the hammer this weekend.
