AU Property Auction Continues to Trend Down | CoreLogic
Corelogic has released their latest auction market update for July 2022, and has been summarised below.
As selling conditions weaken across Australia, the auction activity decreases for the third consecutive week.
The number of auctions scheduled this week across the combined capitals, has decreased by 10.7%, from 1,881 auctions, to 1,679 auctions. In comparison to last year, it has dropped significantly by 20.2%. Following these trends, CoreLogic predicts that the auction activity will remain low over the next few weeks.
Sydney is the busiest with 666 auctions scheduled, approximately 11.9% lower than the previous week. However, it is still up by 2.5% compared to this time last year.
Melbourne has reduced by 6.3% compared to the week prior with 613 auctions scheduled, which is a decline of 43% compared to last year.
Although the number of auctions held was expected to decrease across smaller capitals by 15.1%, it rose by 5.8% compared to this time last year. In Adelaide, it rose by 46.3% with 158 auctions in place, while it rose by 6% in Canberra with 88 auctions. Auctions in Brisbane, however, decreased by 9.3%, with 147 auctions scheduled. There are 5 auctions scheduled in Perth and 2 in Tasmania.
Reference: CoreLogic Auction Market - July
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