National Auction Market Preview - 10 May 2018
The combined capital cities are expected to see a lower volume of auctions this week with CoreLogic currently tracking 2,055 auctions, down from 2,311 last week. Melbourne is the busiest city for auctions this week, with 1,012 auctions being tracked so far, down from 1,144 last week. Sydney has 696 auctions scheduled this week, down from 797 last week.
Brisbane and Tasmania are expecting to see an increase in auction volumes this week, with Brisbane tracking 146 auctions, up from 127 last week, while Tasmania currently has 9 auctions scheduled, up from 5 last week.
Perth has 37 auctions scheduled this week, similar to last week when 39 homes went to auction, while Adelaide and Canberra are expecting fewer auctions week-on-week.
Over the same week last year, 2,409 homes went under the hammer across the combined capital cities, returning a clearance rate of 72.8 per cent.
All of the busiest suburbs for auctions this week are in Victoria. Reservoir tops the list with 22 homes set to go under the hammer, followed by Camberwell with 18 scheduled auctions, while Brighton and Kew will host 16 auctions each.
Summary of last week's results
Last week, the combined capital cities saw auction volumes fall with a total of 2,311 auctions held, returning a final clearance rate of 62.1 per cent, up from the previous week when the lowest clearance rate over the year-to-date was recorded (60.3 per cent across 2,577 auctions). Over the same week last year, the clearance rate was much stronger with 73.0 per cent of the 1,689 auctions returning a successful result.
Melbourne’s final clearance rate has been fairly stable over the last 3 weeks. Last week’s final clearance rate came in at 63.7 per cent across 1,144 auctions, compared to 63.9 per cent across 1,334 auctions the previous week. This time last year, 792 homes went under the hammer, returning a clearance rate of 77.5 per cent.
Sydney’s final auction clearance rate increased to 63.1 per cent across 797 auctions last week, after falling to 55.8 per cent across 829 auctions over the previous week, the lowest clearance rate recorded across the city all year. Over the same week last year, 592 homes went to auction and a clearance rate of 73.8 per cent was recorded.
Across the smaller auction markets, Canberra was the only city to see an increase in auction volumes with 102 auctions held, up from 92 over the previous week. Clearance rates were varied with Adelaide, Brisbane and Perth recording lower clearance rates week-on-week.
Of the non-capital city auction markets, Geelong returned the highest final clearance rate of 75.0 per cent across 58 auctions.
Sub region auction results
National Auction Market Commentator,CoreLogic
Research Analyst, CoreLogic