National Auction Market Preview - 2 August 2018
The combined capital cities are expected to see a lower volume of auctions this week with CoreLogic currently tracking 1,224 auctions, down from 1,536 last week and 1,857 over the same week last year.
Melbourne is set to see volumes fall over the week, with 576 auctions being tracked so far, down from last week when 802 auctions were held across the city and much lower than 12 months ago when 911 homes went under the hammer.
In Sydney, 428 homes are currently scheduled for auction this week, down from 469 last week and lower than the same week last year when 620 auctions were held across the city.
Auction volumes are lower across each individual capital city when compared to the same week last year, while week-on-week, Canberra and Tasmania are the only places where auction volumes are set to see a slight increase.
Once again, the busiest suburbs for auctions this week are all in Melbourne. Craigieburn and Reservoir will host 12 auctions each, while Mount Waverley and Richmond are both expecting to see 10 properties go under the hammer.
Summary of last week's results
Last week saw 1,536 homes taken to auction across the combined capital cities, returning a final auction clearance rate of 55.6 per cent, down from 57.0 per cent across 1,257 auctions the previous week. Over the same week last year, 1,987 homes went to auction and a clearance rate of 68.7 per cent was recorded.
Melbourne’s final clearance rate was recorded at 58.5 per cent across 802 auctions last week, compared to 59.9 per cent across 613 auctions over the previous week. This time last year 956 homes were taken to auction across the city and a much stronger clearance rate was recorded (75.6 per cent).
Sydney’s final auction clearance rate came in at 52.4 per cent across 469 auctions last week, down from 55.2 per cent across 407 auctions over the previous week. Over the same week last year, 714 homes went to auction returning a clearance rate of 65.4 per cent.
Across the smaller auction markets, clearance rates improved across Canberra and Perth, while Brisbane and Adelaide saw clearance rates fall week-on-week. There were no auctions recorded in Tasmania last week.
Of the non-capital city auction markets, the Hunter region was the best performing in terms of clearance rate, with 10 of the 14 reported auctions selling (71.4 per cent), followed by Geelong with a 65.0 per cent clearance rate across 20 results. The busiest region for auctions was the Gold Coast where 39 homes were taken to auction, returning a clearance rate of just 32.3 per cent.
Sub region auction results
National Auction Market Commentator,CoreLogic
Research Analyst, CoreLogic