National Auction Market Preview - 12 April 2018
This week, CoreLogic is currently tracking 1,690 capital city auctions, decreasing from the 1,839 auctions held last week. While one year ago a significantly lower 493 auctions were held over what was the Easter period last year.
As usual, Melbourne and Sydney are the two busiest capital city auction markets this week, with 795 and 678 homes scheduled to go to auction; down from last week’s final result which saw 720 and 775 auctions held across the cities respectively.
Auction activity is expected to be lower week-on week across each of the smaller auction markets.
All of the busiest suburbs for auctions this week are in Victoria, with Richmond topping the list with 18 homes set to go under the hammer, followed by Mount Waverley with 14 scheduled auctions, while Craigieburn and Reservoir will each host 13 auctions.
Summary of last week's results
Final auction results for last week show that 1,839 residential homes were taken to auction with a 62.8 per cent final auction clearance rate, down from 64.8 per cent over the previous week when significantly fewer auctions were held (670).
Auction volumes rose across Melbourne last week returning a higher final clearance rate, with 723 auctions held and 68.2 per cent selling, increasing from the week prior when only 152 auctions were held and 65.5 per cent cleared.
There were a total of 795 Sydney auctions last week, increasing on the previous weeks 394 auctions. The higher volumes saw the final clearance rate weaken with 62.9 per cent of auctions successful, down on the 67.9 per cent the week prior.
All of the remaining auction markets saw a rise in activity last week; clearance rates however returned varied results week-on-week, with Adelaide Brisbane and Perth showing an improvement across the higher volumes while Canberra and Tasmania both recorded lower clearance rates.
Across the non-capital city regions, the highest clearance rate was recorded across the Hunter region, with 72.5 per cent of the 45 auctions successful.
Sub-region auction results
National Auction Market Commentator,CoreLogic
Senior Research Analyst, CoreLogic