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
Disclaimer: The views and opinions expressed in this article do not necessarily reflect the official policy or position of Novum Learning or Legal Practice Intelligence (LPI). While every attempt has been made to ensure that the information in this article has been obtained from reliable sources, neither Novum Learning or LPI nor the author is responsible for any errors or omissions, or for the results obtained from the use of this information, as the content published here is for information purposes only. The article does not constitute a comprehensive or complete statement of the matters discussed or the law relating thereto and does not constitute professional and/or financial advice.