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After months of strong upward trajectory, the number of Australian homes set to go under the hammer is expected to fall, according to CoreLogic.
Data from the research firm has revealed the week ending 25 June will see auction activity decline 4.9 per cent across the country, with 1,850 homes scheduled to go under the hammer. Given the winter solstice’s occurrence during the week and the return of extremely chilly weather, CoreLogic believe this could be the beginning of the seasonal winter decline in activity.
Sydney looks set to host more auctions than any other market across the country, with 782 pencilled in for the coming week, up slightly (2.4 per cent) on the previous week. The research firm revealed Saturday remains the favoured day for Sydney vendors to send their homes under the hammer, with 79.5 per cent held on the first day of the weekend. Interestingly, the harbour city is hosting a larger portion of weekday auctions (15.6 per cent) than any other market.
Last week, the NSW capital recorded its lowest final clearance rate in seven weeks (70.8 per cent) from 764 total auctions. The Northern Beaches, where 88.6 per cent of the 52 auctions were successful, was the strongest-performing sub-region, as opposed to Sydney’s south-west, which mustered a final clearance rate of 45.2 per cent from 48 auctions on its way to the city’s weakest-performing sub-region.
Melbourne is expecting 748 homes to go under the hammer this coming week, down 13.4 per cent. Unit auctions are anticipated to make up 35.7 per cent of the city’s total auctions this week, up from 17.4 per cent last week.
The Victorian capital recorded its lowest final clearance rate last week (69.5 per cent) since the week ending 23 April. Melbourne’s outer-east, which reported a 91.9 per cent success rate from 50 auctions, was the city’s strongest performing sub-region. At the opposite end of the spectrum, the city’s west was the poorest-performing sub-region, having ended last week with a 55.2 per cent final clearance rate from 82 auctions.
Across the smaller capital cities, activity is expected to remain steady from last week, with 320 auctions expected to go under the hammer. Brisbane will remain the busiest of these markets, with 125 homes scheduled for auction this week, followed by Adelaide’s 105, and Canberra’s 80. The national capital’s activity represents a 53.8 per cent surge from the previous week.
In Perth, nine homes are scheduled for auction, while one home is scheduled for auction in Tasmania.
CoreLogic is reporting capital city auction activity is set to fall 13 per cent next week, with 1,600 pencilled in at this stage, perhaps representing a further continuation of winter freezing national market momentum.
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