Login
iscover
Auction volumes across the combined capital cities look like they’ll once again dip, following lower volumes last week.
According to CoreLogic’s Auction Market Preview for the week concluding 13 March, auction activity across the country will drop by 27.1 per cent over the coming weekend, attributable to Victoria’s Labour Day long weekend.
The lower volume means the upward trend set over the first two months of the year has started to take a dip, with 2,173 capital city auctions being tracked, down from the 2,979 auctions held last week.
This week is also set to mark the first time this year that predicted auction activity is down from the previous year, falling 2 per cent from the 2,218 auctions held at this time last year.
Melbourne’s auction activity is set to significantly shrink, with only 606 auctions scheduled compared to the previous week’s 1,452 auctions. That’s a drop of 58 per cent. It is also down 45 per cent from last year’s 1,102 homes that went under the hammer.
CoreLogic did note that this could just be a temporary setback due to the long weekend in Victoria and expects auction activity to ramp up again the following week.
There are 1,099 homes up for auction in Sydney this week, up 10 per cent from the previous week (999). When compared to the 806 auctions held at this time last year, scheduled auction activity is up 36.4 per cent.
Across the smaller markets, CoreLogic said volumes would also fall across Adelaide and Canberra and rise in Brisbane and Perth.
With 193 homes due to go under the hammer this week, Brisbane is set to be the busiest among the smaller capitals, up from 180 the week prior.
Auction activity is expected to be down 17.5 per cent in Adelaide (165) and 35 per cent in Canberra (89). This week, 19 homes in Perth will be auctioned, while two auctions will take place in Tasmania.
ABOUT THE AUTHOR
Noemi Paminuan-Jara
Noemi is a journalist for Smart Property Investment and Real Estate Business. She has extensive experience writing for business, health, and education industries. Noemi is a contributing author of an abstract published by the American Public Health Association, and Best Practices in Emergency Pedagogical Methods in Germany. She shares ownership of the copyright of an instructional video for pharmacists when communicating with deaf patients. She attended De La Salle University where she obtained a double degree in Psychology and Marketing Management.
You are not authorised to post comments.
Comments will undergo moderation before they get published.