National Auction Market Preview - 8 February 2018
The combined capital cities are set to see a notable increase in activity over the week, with 1,371 properties scheduled to go to auction, this is an increase of 74 per cent on last week when only 790 auctions were held coming out of the holiday period slowdown. When compared to last year, volumes are expected to be lower this week than the 1,591 auctions held over the corresponding week last year.
The number of scheduled auctions across Sydney is set to be lower than results from one year ago (640), with 481 auctions scheduled to take place this week which is over double the volume of auctions held last week (216).
Across Melbourne, Australia’s other major market, the number of properties scheduled to go to auction this week increased to 575, up from last week’s 292, and only slightly lower than final figures one year ago (556).
Across the smaller markets, the number of scheduled auctions has increased over the week in Brisbane, Canberra, Perth and Tasmania, while volumes in Adelaide have decreased over the week.
Point Cook in Victoria is the busiest suburb for auctions this week, with 12 homes set to go under the hammer, followed by Dee Why in NSW (11), while Bentleigh East, Glen Waverley and Mulgrave in Victoria each have 10 scheduled auctions.
Summary of Last Week’s results
Last week, the combined capital cities returned a final auction clearance rate of 62 per cent across 790 auctions, with both clearance rate and volumes recording lower than last year when 68.8 per cent of the 881 auctions cleared.
The two strongest auction markets in terms of clearance rate last week were Melbourne and Adelaide, with both cities recording a 70.2 per cent rate of clearance. Followed by Canberra (62.2 per cent) and Sydney (57.1 per cent), while Brisbane, Perth and Tasmania all recorded clearance rates at or below 50 per cent.
It is expected that auction volumes will returned to normal levels in the coming weeks and a true reading of auction market conditions can be established.
Outside of the capital city markets, Geelong returned a final clearance rate of 88.9 per cent across 20 auctions. While the Gold Coast recorded the highest volume of auctions with 96 held, however only 46.9 per cent were successful.
National Auction Market Commentator,CoreLogic
Senior Research Analyst, CoreLogic