National Auction Market Preview - 23 November 2017
This week, 3,208 auctions are scheduled across the combined capital cities, the number of properties scheduled to go to auction this week is down only 5 per cent on last week’s final figures, which saw 3,390 auctions held across the cities, which was lower than the 3,398 auctions held one year ago.
Across Melbourne, activity is set to fall 7 per cent across the city, with 1,608 homes currently scheduled to go to auction this week, down from the 1,732 auctions held last week.
In Sydney volumes are expected to increase week-on-week, with the city set to host 1,153 auctions, up from the 1,061 held last week.
Sydney is the only capital city expected to see a rise in volumes this week, with the remaining capital cities set to see fewer auctions.
This week, the busiest suburb for auctions is Bentleigh East in Victoria, with 21 properties scheduled to go under the hammer. Following closely is Marrickville in NSW and Craigieburn, Glenroy and Reservoir all of which are in Melbourne hosting 19 auctions each.
Summary of Last Week’s results
Last week, the final auction clearance rate fell across the combined capital cities recording a 60.9 per cent rate of clearance; which was the lowest clearance rate seen since Dec 2015/Jan 2016, however volumes increased significantly week-on-week, with 3,390 auctions held, making it the third busiest week for auctions so far this year. Over the week prior, 2,907 auctions were held, with 62.8 per cent clearing.
Melbourne returned a final auction clearance rate of 66.9 per cent last week, recording the second consecutive week below 70 per cent and the cities lowest clearance rate since July 2016, however volumes reached their second highest level seen this year with 1,732 auctions held, down from the 1,296 held over the week prior when 69.2 per cent cleared. While in Sydney, the market continues to soften with the final clearance rate dropping to its lowest since late 2015-early 2016, recording a 54.8 per cent clearance rate across 1,061 auctions last week, down from the 58.5 per cent over the previous week when 1,102 auctions were held.
The performance across the smaller auction markets were mixed last week, with clearances rates improving in Adelaide, Brisbane and Tasmania, while Canberra and Perth recorded lower clearance rates week-on-week.
The busiest non-capital city region last week was the Gold Coast, with 79 auctions, however only 41.4 per cent cleared, while Geelong recorded the highest clearance rate with 93.2 per cent of the 65 auctions successful.
National Auction Market Commentator,CoreLogic
Senior Research Analyst, CoreLogic