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National Auction Market Preview - 5 October 2017

Author: Jade Harling and Kevin Brogan
Source: CoreLogic

Upcoming auctions

The number of homes scheduled to go auction this week is set to rise across the combined capital cities; after last week’s public holiday and grand final slowdown, with 2,118 currently scheduled to take place, which is over double the volumes seen last week when only 969 auctions were held.

Melbourne is expected to see volumes pick up again this week, with 1,011 properties scheduled to go under the hammer, after volumes dipped significantly last week amid the grand final hype (122). While In Sydney, volumes are set to see an uplift to a lesser extent with 770 auctions currently scheduled, rising from 607 last week.

All of the remaining capital cities will see an increase in activity this week, with the exception of Brisbane where fewer auctions are scheduled this week compared to last.

Overall activity this week is expected to be lower than volumes from one year ago, when final results recorded a total of 2,290 auctions held across the combined capital cities over the equivalent week.

Victoria has all the busiest suburbs for auctions this week, with 26 properties scheduled to go to auction in Reservoir, followed by Craigieburn with 16 and Glen Waverley with 15 scheduled auctions.

Summary of Last Week’s results

Last week, the combined capital city final auction clearance rate remained virtually unchanged; despite the significantly lower volumes seen over the grand final and public holiday long weekend. A final auction clearance rate of 66.3 per cent across 969 auctions was recorded last week, from 66.2 per cent across a substantially higher 2,782 auctions over the week prior, while one year ago 872 auctions were held with 75.8 per cent clearing.

Across Melbourne, the final clearance rate increased to 87.0 per cent last week, although the number of auctions held was significantly lower, with only 122 held, down from 1,361 over the week prior when a 70.6 per cent rate of clearance was recorded. In Sydney, both the final clearance rate and volumes fell week-on-week, with 64.9 per cent of the 607 auctions clearing, down from 65.9 per cent across 1,033 auctions the previous week.

The remaining capital cities all saw an improvement in clearance rates last week, however volumes were much lower in all capital cities except Brisbane.

The busiest non-capital city region last week was the Gold Coast, with 43 auctions; however Hunter recorded the strongest clearance rate at 71.4 per cent.

 


Kevin Brogan
National Auction Market Commentator,CoreLogic

Jade Harling
Senior Research Analyst, CoreLogic