National Auction Market Preview - 9 August 2018
This week, 1,320 capital city auctions are currently being tracked by CoreLogic; remaining relatively steady on last week’s final result which saw 1,324 auctions held. Over the same period one year ago, there was a considerably higher 2,040 homes taken to auction.
As usual, Melbourne is the busiest capital city auction market this week, with 674 homes set to go under the hammer; up from last week’s 628 auctions.
Volumes across Sydney are expected to be lower this week compared to last, with 435 scheduled auctions this week, down on the 456 auctions held last week.
Activity is set to be lower week-on week across Brisbane, Canberra and Tasmania, while Adelaide and Perth will see an increase in the number of auctions held.
All of the busiest suburbs for auctions this week are in Victoria. Malvern East tops the list with 15 homes set to go to auction, followed by Reservoir with 12 scheduled auctions, while Brighton East and Mount Waverley will host 11 auctions each.
Summary of last week's results
Last week, the combined capital cities saw auction volumes fall with a total of 1,324 held, returning a final clearance rate of 54 per cent, down from the previous week when a 55.6 per cent success rate was recorded across 1,536 auctions. While the weighted average was down over the week, combined clearance rates have levelled out somewhat remaining within the low to mid 50 per cent range for 13 consecutive weeks. Despite the continued slowing in the market, clearance rates are still tracking higher each week relative to the same period in 2012; during the last significant downturn in home values.
Melbourne’s final clearance rate came in at 57 per cent across 629 auctions last week, compared to 58.5 per cent across 802 auctions the previous week. This time last year, 911 Melbourne homes went under the hammer, returning a substantially higher clearance rate of 73.9 per cent.
Sydney’s final auction clearance rate fell to 51.9 per cent across 462 auctions last week, down on the previous weeks 52.4 per cent clearance rate when a similar 469 auctions were held. The same week last year, 620 homes went to auction and a clearance rate of 66.4 per cent was recorded.
Across the smaller auction markets, clearance rates were varied with Adelaide and Tasmania recording a higher week-on-week result, while Brisbane, Canberra and Perth saw fewer successful auctions.
Sub region auction results
National Auction Market Commentator,CoreLogic
Senior Research Analyst, CoreLogic