Recent reports have indicated that the number of property auctions taking place across Australia dropped in late June 2014. However, in some places auction numbers were still high. Dubbo, a regional town in New South Wales, had a greater number of auctions scheduled in the fourth week of June compared to any other Australian suburb or town. There were 23 auctions scheduled during that period. To put the numbers in the context of the bigger picture, about 2216 auctions were planned to be held all over Australia, with about 1787 of them in major metropolises.
Property Auctions Lower than Previous Year
According to Robert Larocca of RP Data, volumes are lower in all-important auction markets right now, but when compared to the same period in 2013, volumes are up by about eight per cent. Approximately 834 auctions were planned to happen in Melbourne compared to 1016 a week earlier. The rate of clearance in Melbourne was the robust the city has seen in recent months. Sydney saw 688 auctions compared to 798 during the previous week.
Brisbane had about 123 auctions, compared to the 132 auctions that were held the previous week. Adelaide has hosted 65 auctions compared to 74 only a few days ago. There were 33 scheduled auctions in Canberra. Perth and Tasmania have 36 and 13 auctions respectively.
Melbourne Property Auctions To Cool
The lesser incidence of auctions means that Melbourne could enjoy a quiet time. To put it in perspective, there were approximately 1,000 auctions last year in any given week in Melbourne. Mr Larocca has expressed the opinion that the auction number for the Melbourne markets will be cool in tandem with the prevailing winter sales period.
Whether you are buying or selling a property, keeping an eye on the market is a very valuable practice. Picking the right time to schedule your auction could make a huge difference to the results.
At NSW Mortgage Corp, we are specialists in mortgage financing. Whether you are after home loans, bridging finance or a loan tailored to your unique situation, we can help you gain the finance you need.