National Auction Market Preview, 10 September 2017
This week, CoreLogic is currently tracking 2,044 auctions across the combined capital cities, the number of properties scheduled to go to auction this week is only slightly lower than final results last week, which saw 2,074 auctions held across the combined capitals, however as the week progresses volumes are likely to see some upward revision.
Across the two largest auction markets, Melbourne and Sydney are expected to see volumes remain relatively steady this week, with 998 Melbourne homes scheduled to go to auction this week, increasing by 2 per cent on last week’s 976 auctions, while Sydney is set to see -2 per cent fewer auctions
this week compared to last, with 763 properties scheduled to go under the hammer from the 779 last week.
There are fewer auctions scheduled across the remaining capital cities this week compared to last, with the exception of Canberra where volumes are expected to increase slightly.
Over the corresponding week last year, there were 2,064 auctions held across the combined capital cities.
The busiest suburb for auctions this week is Reservoir in Victoria. This will be the 6th consecutive week where the suburb has topped the list, with 22 properties scheduled to go to auction. Following closely is Glen Waverley also in Victoria with 20 auctions scheduled, while Maroubra (NSW) and Richmond (Vic) are both set to host 13 auctions each.
Summary of Last Week's Results
Last week, the final auction clearance rate fell to its lowest level so far this year, down -0.1 per cent from the previous low seen over the week ending 25 June 17 (66.5 per cent), recording a 66.4 per cent rate of clearance across a lower volume of auctions over the first week of spring (2,047). Over the week prior the clearance rate was a higher 68.3 per cent across 2,270 auctions, while results from one year ago saw 77.1 per cent of the 1,899 auctions cleared.
Melbourne’s final auction clearance rate fell last week, with 71.3 per cent of auctions clearing, there were 976 auctions held across the city, decreasing from the 1,124 auctions the previous week when a higher rate of clearance was recorded (72.3 per cent). In Sydney, final results saw the clearance rate for the city decrease last week, with 65.5 per cent of the 779 auctions successful, down from the 67.4 per cent across 832 auctions the week prior.
Performance across the smaller auction markets were mixed last week, with clearances rates improving in Brisbane, Perth and Tasmania, while Adelaide and Canberra saw final clearance rates fall week-on-week.
Of the non-capital city regions, Geelong recorded the highest clearance rate with 87.1 per cent of auctions clearing last week, while the Gold Coast had the highest volume of auctions (44).
National Auction Market Commentator,CoreLogic
Senior Research Analyst, CoreLogic