Auction slowdown continues

According to CoreLogic’s predictions, the Australian real estate market is expected to see a decrease in auction activity this week, with a total of 1,487 homes scheduled for auction in the capital cities nationwide.

This marks the quietest week in 11 weeks (excluding the week of the June long weekend). The number of properties up for auction has decreased by 3.6% compared to the previous week, which is consistent with the typical trend of reduced auction activity during school holidays and other seasonal factors. CoreLogic reports that auction activity has decreased by 8.7% compared to the same period last year.

In the capital cities, Sydney is expected to be the busiest auction market this week, with 621 homes scheduled for auction. This represents an 8.1% decrease from the previous week, but a slight increase of 2.6% compared to the same period last year.

Melbourne is expected to hold 582 auctions, an increase of 5.8% from the previous week but a decrease of 7.2% compared to last year.

In smaller capital cities, Brisbane and Adelaide will each hold 102 auctions, representing a decrease of 22.1% and 8.9% respectively from the previous week. According to CoreLogic data, auction numbers in Brisbane have decreased by 29.2% compared to the same period last year, while Adelaide has seen a decrease of 35.0%.

Canberra has scheduled 72 auctions this week, a slight increase of 5.9% from the previous week but a decrease of 18.2% compared to last year. Perth has eight homes scheduled for auction this week, up from six last week. There are no auctions scheduled in Tasmania this week.

The expected slowdown continues the trend of declining auction activity during the winter slump. Last week’s preliminary clearance rate hit a nine-week low.

Apart from the capital cities, the SA4 region of Gold Coast is expected to have the most auctions, with 51 homes up for auction. According to CoreLogic, this represents a 21.5% decrease from last week.

If you’re looking to refinance your home or need assistance from A Mortgage Broker, Speed Lending in North Sydney, now may be a good time to explore your options in this quieter market.

The information provided is general information only and has been prepared without regard to your objectives, financial situation or needs. We recommend that you consider whether it is suitable for your situation. Before accepting any offer or offering, your full financial situation needs to be reviewed. This article does not constitute legal, tax or financial advice and you should always seek professional advice based on your individual circumstances. Fees and charges and eligibility criteria apply, subject to the lender’s terms and conditions.

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