CoreLogic's Latest National Market Preview For 20 March 2022
CoreLogic recently released its latest national market preview report which has been summarised below.
Despite the quiet auction week last week, perhaps due to the long weekend across four of the eight states and territories, this week is set to be the second busiest this year with 3,163 homes to be auctioned. Auction volumes were up 54% week on week, this week is expected to exceed 3,000 for the second time this year. In comparison to the number of auction activities last year around at this time, this is a huge increase of 16.7%.
Auctions this week
With 1,077 homes set to go auction, Sydney is set for its second busiest week of the year, up by 6.8% compared to the week prior.
Melbourne's auction volume this week is set as 1,528 which is 151.3% increase from last week. It is expected that last week's low numbers were a result of Victoria's long weekend.
Adelaide is set for 201 homes to go under the hammer, 149 in Brisbane and 84 in Canberra, 17 in Perth, and none in Tasmania across the smaller capital cities.
Last week's results
Following the trend over the recent four weeks, there were 2,054 auctions that took place which was down by 31.1% compared to the week prior and down by 7.4% compared to last year at this time.
Clearance rate across Sydney was 67.1% slightly down the week prior. In Melbourne, 68.6% were successful, slightly up from the previous week. Canberra had recorded the highest clearance rate with 82.1%. Adelaide's clearance rate saw a slight decrease was 78.7%, as well as Brisbane which was 66.3%. In Perth, 11 out of 17 auctions were successful.
For a much more detailed report, statistics and clearance rates, please access CoreLogic's full article using the link below.
Source: CoreLogic National Market Preview March 2022 Report
Also read top viewed Ai Legal article: The Role of AI in Legal Research.
Subscribe to the Legal Practice Intelligence fortnightly eBulletin. Follow the links to access more articles related to the business of law and legal technology.
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.
