The Australian auction market is scheduled to see just 1,324 homes go under the hammer this weekend, as public holidays are observed across South Australia, Victoria, the Australian Capital Territory, New South Wales, and Queensland, according to CoreLogic.
SA, ACT, and NSW will see long weekends due to Labour Day, Queensland observes the King’s Birthday, and Victoria takes time off for the AFL grand final.
While lower, this weekend remains above the mid-June low of 1,033 auctions.
The same time last year saw more homes (1,618) head to auction, with last year’s AFL grand final and Monarch’s birthday in Queensland falling the week prior.
Source: CoreLogic.
Melbourne expects to host its quietest week since Easter when it saw 108 homes go under the hammer.
Sydney is set to see its quietest auction weekend in seven weeks, and Brisbane and Adelaide are seeing last week’s auction numbers halve.
Last weekend came in as the second busiest week of the year to date, according to CoreLogic, just 39 homes shy of the first auction of April, when the market saw 2,687 homes head under the hammer.
The final clearance rate for last week was 66.1%.
CoreLogic’s Kaytlin Ezzy noted that:
“The rise in the clearance rate was driven by a -1.2 percentage point decrease in the withdrawal rate (7.6%) and a milder -50 basis point decline in the portion of properties passed in at auction (26.3%).”
“Several public holidays, including the AFL grand final, the Sovereign’s birthday in QLD and WA and the national day of mourning for Her Majesty the Queen, saw just 1,316 homes auctioned this time last year —60.0% were successful,” she added.
As Melbourne’s auction numbers rose (+11.2%), so did the clearance rate, coming in at 63.9%. The previous week’s clearance rate was 60 basis points lower at 63.3%, while 64.6% of auctions were successful this time last year.
Sydney also saw rises across activity (+9.7%) and clearance rates (70%). It was the highest rate in five weeks. Ezzy noted that this was driven by a 3.5 ppt fall in the withdrawal rate, while the portion of properties passed in at auction rose 80 basis points week on week.
Buying a property? Refinancing? Save time, hassle, and money with UNO Home Loans.
This is a paid advertisement. Please visit our advertising page to learn more and enquire about advertising with us.
Brought to you by UNO Home Loans
Stay up to date with Australia’s most important property news through our free email service.
This is a paid advertisement. Please visit our advertising page to learn more and enquire about advertising with us.
Experts Corner by The Property Tribune
Ko’s partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties
Brought to you by Ko
Buying a property? Refinancing? Save time, hassle, and money with UNO Home Loans.
This is a paid advertisement. Please visit our advertising page to learn more and enquire about advertising with us.
Brought to you by UNO Home Loans
Get the latest real estate news delivered free to your inbox.
Living Corporation Pty Ltd (trading as The Property Tribune) ABN 17 159 150 651 provides an information service and factual information only in relation to property, financial, and credit products.
This information does not take into account your objectives, financial situation, or needs. To consider whether a financial or credit product is right for you speak to a licensed Financial Adviser or Finance Broker before you apply for any product or commit to any plan. Consider the product issuer’s Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making a purchase decision.
We do not make any suggestions or recommendations to you about property investment, a particular credit or financial services product, service, or provider. If you decide to apply for a product or service through our website, you will be dealing directly with the provider of that product or service and not with us. You should be aware that the service provider may not have access to all providers or all products available in the market.
Stay up to date with our free emails containing the country’s most important stories with our free email newsletters.
You can unsubscribe at any time!
Recent Comments