After three consecutive weeks of growth, national auction levels have dropped dramatically.
The last month of winter is historically typified by a reduction in activity, as the market cools before trending upwards in the approach to the spring selling season. It is predicted that in the coming week, there will be 1,519 auctions held across the combined capital cities, down 20.6 per cent on the previous week’s 1,913.
CoreLogic has noted that it marks the quietest week since 12 June 2022, when six of the eight capital cities celebrated the Queen’s birthday long weekend.
Melbourne, which remains the busiest capital despite a 22.6 per cent drop in activity, is expected to host 626 auctions throughout the week. The Victorian capital city ended the previous week with a final clearance rate of 56.6 per cent, a 4.6 per cent climb on the 52 per cent recorded a week earlier.
There will be 521 homes taken under the hammer in the NSW capital, Sydney, which is expected to see its quietest week since the Easter long weekend (480). The harbour city ended last week with a final clearance rate of 50 per cent.
Week on week, activity is also down across the rest of the capital cities. A 54.9 per cent rise in activity compared to the same week last year was not enough to elevate Adelaide as the busiest smaller capital city, with its 141 auctions falling just short of Brisbane’s 154.
There are 70 auctions forecast to take place in Canberra, while Perth is scheduled to host seven.
No auctions have been scheduled for Tasmania.