National Auction Market Preview - 30 November 2017
There are fewer homes scheduled to go to auction across the combined capital cities this week, after last week recorded the third busiest week for auctions so far this year.
CoreLogic is currently tracking 3,044 capital city auctions, down from the 3,438 held last week and also lower than the 3,207 auctions held one year ago.
Both Melbourne and Sydney, the two largest auction markets are set to host fewer auctions this week compared to last, with 1,520 Melbourne homes scheduled to go to auction and 1,080 scheduled auctions across Sydney, down from the 1,736 and 1,215 auctions held last week respectively.
Brisbane, Perth and Tasmania are all expected to see an increase in activity this week, while there are fewer auctions scheduled in Adelaide and Canberra.
Victoria has all of the busiest suburbs for auctions this week, with 22 homes scheduled to go to auction across Reservoir, followed by Doncaster East with 20 scheduled auctions, while Mount Waverley and St Albans will each host 19 auctions.
Summary of Last Week’s results
Last week, the combined capital cities saw auction volumes reach their third highest level this year, with a total of 3,438 held, returning a final auction clearance rate of 61.1 per cent. This represented a slight increase from the week prior when a 60.9 per cent clearance rate was recorded across a slightly lower 3,390 auctions. One year ago, clearance rates were significantly higher over the corresponding period, with 73.0 per cent of auctions clearing, while the number of auctions held was similar (3,398).
Melbourne’s final auction clearance rate continued to soften last week, with 65.5 per cent of auctions clearing, surpassing the previous low seen two weeks prior when the final clearance rate dropped to its lowest seen since June 2016. Volumes across the city were virtually unchanged week-on-week, with 1,736 held from 1,732 over the week prior when 66.9 per cent cleared. In Sydney, the final auction clearance rate recorded its fifth consecutive week below 60 per cent, however week-on-week results saw an increase in both volumes and the final clearance rate, with 1,215 auctions held and 56.8 per cent selling, up from the 54.8 per cent across 1,061 auctions.
Across the remaining capital cities, Brisbane was the only capital city to see an improvement in clearance rate last week.
Of the non-capital city regions, Geelong recorded the highest clearance rate, with 78.3 per cent of the 65 auctions successful.
National Auction Market Commentator,CoreLogic
Senior Research Analyst, CoreLogic