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National Auction Market Preview - 7 December 2017

Author: Jade Harling and Kevin Brogan
Source: CoreLogic

Upcoming auctions

The combined capital cities are expected to see auction volumes over 3,000 for another week, with 3,124 homes currently scheduled to go under the hammer this week. 

This will be the 4th consecutive week where volumes have remained at these higher levels, which is not unusual this time of year with the end of Spring/ early Summer period traditionally recording a significant uplift in activity as the end of year approaches.

Auction activity across Melbourne is set to increase this week, with 1,717 homes scheduled for auction,

increasing on last week’s 1,647, while Sydney is expected to host fewer auctions this week compared to last, with 936 auctions to be held, down on last week’s 1,143 auctions.

Across the remaining auction markets, Adelaide and Perth are set to host a higher volume of auctions week-on-week, while there are fewer auctions currently scheduled across Brisbane, Canberra and Tasmania.

All of the busiest suburbs for auctions are in Victoria this week. Topping the list with 29 homes scheduled for auction is Reservoir, following closely with 26 scheduled auctions each are Craigieburn and Richmond.

Summary of Last Week’s results

The combined capital city final auction clearance rate softened further last week, returning a 60.3 per cent rate of clearance across a lower volume of auctions over the week (3,291). Last week’s clearance rate is the lowest recorded not only this year, but the lowest since late 2015/ early 2016, down on the previous week’s 61.1 per cent when a higher volume of auctions were held (3,438).

Across Melbourne, the city has seen clearance rates continually decline each week over the last 4 weeks, with last week surpassing the previous as the lowest recorded since June 2016.  There were 1,647 Melbourne auctions held last week, returning a 65.4 per cent clearance rate, down slightly on the week prior when 1,736 auctions were held and 65.5 per cent cleared.

In Sydney, final results show that the clearance rate for the city fell to 56.2 per cent from 56.8 per cent the previous week. Auction volumes across the city were lower week-on-week, with 1,143 held, down from 1,215 the week prior.

Across the remaining capital cities, clearance rates improved in Canberra and Tasmania, while Adelaide, Brisbane and Perth’s final clearance rate fell last week.

The Geelong region was the busiest non-capital city region last week, with 86 auctions held returning a final auction clearance rate of 71.4 per cent.

 


Kevin Brogan
National Auction Market Commentator,CoreLogic

Jade Harling
Senior Research Analyst, CoreLogic