Auction activity 33% down on last year

By |

CoreLogic’s Auction Market Preview for the week ending August 12 confirmed that the auction level across capital cities remains steady. There are so far 1,320 auctions currently being tracked this week, according to the data.

When compared to last week’s final auction results, which saw an overall total of 1,324 auctions, this week’s figures presented seem to be on track. However, when compared to the 2,040 homes taken to auction over the same period in 2017, the current numbers are clearly lacking.

Melbourne has maintained its reputation as the busiest capital city auction market.  As of writing, the city is expected to see 674 homes to be listed for auction, up from last week’s 628 auctions.

On the other hand, volumes across Sydney are expected to be lower this week compared to last, with 435 scheduled auctions. Last week, the capital of New South Wales recorded a total of 456 auctions.

Other cities expected to see a slight downward trend week-on-week include Brisbane, Canberra and Tasmania, while Adelaide and Perth will see an increase in the number of auctions held.

The report also revealed that the busiest suburbs for auctions this week are all located in Victoria. Malvern East tops the list with 15 homes set to go to auction, followed by Reservoir with 12 scheduled auctions, while Brighton East and Mount Waverley will host 11 auctions each.

Auction rates for the current week are still to be recorded. Last week, the combined capital cities saw auction a final clearance rate of 54%. Melbourne’s final clearance rate peaked at 57%, while Sydney’s final auction clearance rate fell to 51.9 %

Across the smaller auction markets, clearance rates were varied with Adelaide and Tasmania recording a higher week-on-week result, while Brisbane, Canberra and Perth saw fewer successful auctions.

 

Related stories:
June Auction Clearance Rates Decline
Australian Property Market One Of The Most Transparent Across The Globe

 

Do you have more than $200k in your super fund? You could use your super to buy property - Find out how

Top Suburbs : ropes crossing , geelong west , nightcliff , coolbellup , flemington

SHARE

Get help with your investment property



Do you need help finding the right loan for your investment?


When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here