National Auction Market Preview - 1 March 2018
There are fewer auctions scheduled across the combined capital cities this week, after last week saw volumes reach their highest level so far this year (3,313). CoreLogic is currently tracking 2,762 capital city auctions this week, which is expected to be lower than results from one year ago when 2,907 auctions were held.
Both Melbourne and Sydney, Australia’s two largest markets are set to see fewer auctions take place this week, with 1,411 Melbourne homes currently scheduled to go under the hammer, down from 1,606 last week and 978 auctions scheduled across Sydney, decreasing from the 1,259 auctions held last week.
All of the remaining capital cities are expected to host fewer auctions this week, with the exception of Adelaide where the amount of auctions scheduled for this week are virtually unchanged from final results last week.
This week, all of the busiest suburbs for auctions are in Victoria; topping the list with 23 scheduled auctions is Reservoir. Following closely with 21 scheduled auctions is Preston, while Craigieburn and Brunswick will be host to 20 and 19 auctions respectively.
Summary of Last week’s results
Last week, the combined capital cities saw auction volumes reached their highest so far this year with 3,313 held; the higher volumes returned a final auction clearance rate of 66.8 per cent, which was higher than the 66.1 per cent the previous week when volumes were significantly lower (1,992).
Melbourne’s final auction clearance rate last week maintained strength across a significantly higher volume of auctions week-on-week, with a total of 1,606 auctions held across the city returning a 70.6 per cent rate of clearance, increasing from the week prior when 69.8 per cent of the 932 auctions held were successful. In Sydney, a final auction clearance rate of 65.1 per cent was recorded across 1,259 auctions, down from the previous weeks 67.8 per cent when 737 auctions were held.
Across the smaller auction markets, both volumes and clearance rates increased over the week in Adelaide, Brisbane, Canberra and Tasmania, while week-on-week results for Perth remained steady.
Of the non-capital city auction markets, Geelong returned the highest final clearance rate of 86.0 per cent across 52 auctions, while the Gold Coast held the most auctions (64), however only 32.6 per cent cleared
National Auction Market Commentator,CoreLogic
Senior Research Analyst, CoreLogic