National Auction Market Preview - 8 March 2018
Auction activity is expect to be somewhat sedate this week, with a total of 1,526 homes scheduled for auction across the combined capital cities, down 50 per cent on last week’s final results which saw a total of 3,026 auctions held.
The lower activity expected this week is a likely result of half of the auction markets welcoming a long weekend, with Melbourne, Canberra, Adelaide and Tasmania all host to a public holiday this coming Monday.
The most notable decrease in activity is expected to be across Melbourne, with only 375 homes scheduled for auction this week, down on last week’s 1,524 auctions held.
The number of auctions scheduled across Sydney will also see a fall to a lesser degree, with 847 scheduled auctions this week, decreasing from the 1,044 auctions held last week.
Perth is expected to be the only capital city auction market to see a rise in volumes week-on-week.
Overall volumes this week are set to be higher than results from over the corresponding week last year, when 1,473 auctions were held.
Craigieburn in Victoria is the busiest suburb for auctions across the nation this week, with 18 homes scheduled to go under the hammer, followed closely by St Ives and Paddington, both of which are in NSW with 14 and 11 auctions to be held respectively.
Summary of last week's results
Last week, the combined capital cities returned a 63.6 per cent final auction clearance rate across 3,026 auctions, down from the 66.8 per cent across 3,313 auctions the week prior. One year ago, volumes were lower with a total of 2,907 auctions held over the corresponding week, however the clearance rate last year was a significantly higher 74.6 per cent.
Melbourne returned a final auction clearance rate of 66.5 per cent across 1,524 auctions last week, down from the 70.6 per cent over the week prior when 1,606 auctions were held. In Sydney, both volumes and clearance rate also fell last week across the city, when 1,088 properties went to market and a 62.4 per cent success rate was recorded, down from 65.1 per cent across 1,259 auctions the week prior.
Across the remaining auction markets clearance rates improved in Canberra and Perth, while Adelaide, Brisbane and Tasmania’s clearance rate fell over the week.
Across the non-capital city regions, the highest clearance rate was recorded across the Geelong region, with 79.3 per cent of the 74 auctions clearing.
National Auction Market Commentator,CoreLogic
Senior Research Analyst, CoreLogic