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After months of incredibly high activity, national auction activity is expected to decline 40 per cent this week as a result of six states celebrating the long weekend, according to CoreLogic.
The week ending 11 June will see 1,088 homes go under the hammer across the country, down from 1,815 last week, with the King’s Birthday long weekend the primary driver of declining activity.
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Sydney is expected to be the busiest capital city market for the second week running with 515 homes set to go under the hammer across the harbour city, down 31.4 per cent on the previous week.
Last week, the NSW capital reported a final clearance rate of 74.2 per cent, with North Sydney and Hornsby, where 81.5 per cent of the 121 auctions returned a positive result, ended the week as the city’s strongest-performing subregion. Conversely, the Central Coast was the poorest performing subregion after it recorded a final clearance rate of 46.7 per cent from 15 auctions.
Melbourne is expecting 320 homes to go under the hammer, a decline of 56.5 per cent from last week’s 736. The previous week, the Victorian capital recorded a final clearance rate of 72.6 per cent, with the city’s outer east reporting the highest final clearance rate of all its subregions, 81 per cent from 42 auctions.
On the flip side, Melbourne’s west, where 55.1 per cent of the 78 auctions reported a positive result, was the city’s poorest-performing subregion.
Across the smaller capital city, auction activity is set to drop 23.3 per cent, with 244 homes scheduled to go under the hammer. Given Brisbane is one of the only capitals not celebrating Monday’s (12 June) public holiday, the Queensland capital is expecting 108 auctions this coming week, down just over 10 per cent on last week.
In Adelaide, 84 homes are scheduled to go under the hammer, down 27.6 per cent, while 52 auctions are pencilled in for Canberra this week. There are nine homes scheduled to go under the hammer in Perth, while no homes are expected in Tasmania this week.
CoreLogic is reporting that Australia’s auction market will rebound next week, with 2,290 homes already scheduled for auction, while the research firm added the impact of the Reserve Bank of Australia’s latest cash rate increase will become more apparent in the coming weeks.
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