Richmond set to be busiest weekend auction hotspot

Richmond set to be busiest weekend auction hotspot
Richmond set to be busiest weekend auction hotspot

The Melbourne suburb of Richmond is set to be the busiest place for auctions this weekend with 21 homes expected to go under the hammer, according to CoreLogic.

Next busiest are Sydney’s Leichhardt, which has 16 auctions scheduled, followed by Maroubra (15) and Mosman (14), also in Sydney.

The weekend auction markets are likely to be interrupted over coming weeks by the school holidays, Easter, and Anzac Day, plus the May 18 Federal election.

Many vendors will schedule either side of the May 18 weekend.

The REIV have noted this weekend (13/14 April) there are 970 Melbourne auctions, then next weekend (20/21 April): 60 auctions. It rises for 27/28 April to 410 Melbourne auctions and again in three weeks’ time (4/5 May) to 550 auctions.

Richmond set to be busiest weekend auction hotspot

Auction volumes are expected to rise across the combined capital cities this week with CoreLogic currently tracking 2,166 auctions, increasing from both last week (1,976) and this time last year (1,915).

This week is the last week of auctions before the Easter weekend where auctions drop significantly.

Although volumes have increased over the week, they are significantly lower than the week prior to Easter in 2018 when CoreLogic recorded the highest volume of auctions on record (3,990).

Melbourne is expecting to see around 900 homes taken to auction this week, similar to both last week (892) and last year (873).

In comparison, the week prior to Easter 2018 saw 2,071 auctions held across the city.

Richmond set to be busiest weekend auction hotspot

Sydney is also expecting around 900 auctions this week, increasing from both last week (742) and last year (795). The lead up to Easter 2018 saw 1,383 Sydney homes taken to auction.

Across the smaller auction markets, Adelaide and Brisbane are expecting to see an increase in auction volumes week-on-week, while activity is set to be slightly lower in Canberra and Perth.

Tasmania is not expecting to see a change in auction volumes week-on-week.

The busy auction weekend in Richmond sees 12 Burgess Street (pictured in title) offered.

The property going under the hammer is a three bedroom one bathroom house. 

It comes with a price guide of $1,350,000 - $1,450,000.

Richmond set to be busiest weekend auction hotspot

Another example of the breadth of auctions taking place in Richmond this week is 107/47 Murphy Street (pictured above).

The property going under the hammer is a two bedroom two bathroom apartment.

It comes with a price guide of $700,000 - $750,000.

Richmond set to be busiest weekend auction hotspot

A third Urban Land Development is going to auction 56 Lambert Street (pictured above).

The three storey property going under the hammer is a three bedroom two bathroom house with it's own street frontage.

It comes with a price guide of $1,095,000 - $1,130,000.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Richmond Auction Market

Comments

Be the first one to comment on this article
What would you like to say about this project?