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The new financial year will bring with it a declining number of Australian auctions, according to new data from CoreLogic.
The week ending 2 July will see 1,588 homes go under the hammer across the country. This represents an 11.3 per cent drop on the previous week’s volume. The research firm revealed nearly 80 of those homes will head to auction today (30 June), the final day of the financial year.
While this drop is significant, the final week of the financial year last year saw activity decline around 20 per cent, highlighting the strength which remains in the Australian market 12 months on from the initial interest rate uncertainty.
Sydney is set to remain the busiest market this coming week, with 735 homes pencilled in for auction. Even if slightly, this figure represents a bucking of the seasonal slowdown as activity increases by 11 auctions. Interestingly, 27.2 per cent of the city’s auctions will be held on a weekday, up 11.2 per cent on the previous week, although the closure of the financial year today (30 June) may go some way to explaining that increase.
Blacktown concluded last week with a final clearance rate of 87.1 per cent from 62 total auctions, marking it as the NSW capital’s top-performing sub-region, while the Central Coast, where 35.7 per cent of auctions ended positively, was the harbour city’s poorest-performing sub-region.
Melbourne ranks second for Australian auction activity this week with 532 expected. This is a 28.5 per cent drop on the previous week. The Victorian capital’s inner south, where 81.7 per cent of auctions were successful, was the city’s strongest-performing sub-region. On the opposite end of the success spectrum, the city’s north-west concluded the week with a final clearance rate of 48.5 per cent from 70 auctions on its way to the-poorest performing sub-region.
Across the smaller capital cities, where activity is set to hold firm from last week, Brisbane will be the busiest market with 132 homes scheduled to go under the hammer. Following the Queensland capital’s lead, Adelaide’s auction levels looks likely to remain in triple figures this week with 114 scheduled.
Activity in the national capital is set to drop 10.3 per cent to 70, while five homes are scheduled for auction in Perth. No properties are scheduled for auction in Tasmania.
With each day driving Australia further and further into the depths of winter, CoreLogic revealed the nation’s auction market will experience declines next with 1,450 scheduled to go under the hammer.
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