CoreLogic RP Data National Auction Preview, week ending 28 February 2016

Upcoming auctions:

CoreLogic RP Data is currently tracking 2,468 capital city auctions, representing a 5.2% increase on auction volumes from last week, but remaining lower than one year ago when, over the week, 3,238 capital city homes were taken to auction. In Melbourne, the nation’s busiest auction market, 1,235 residential auctions are currently scheduled and despite this being higher than last week, current activity is lower than one year ago when 1,565 Melbourne homes went under the hammer. Similarly, in Sydney, auction volumes are rising week-on-week with 846 currently scheduled, but auction activity remains lower than one year ago when 1,223 auctions took place.

Capital City Auctions this week:

  • Sydney: 846
  • Melbourne: 1,235
  • Brisbane: 152
  • Adelaide: 115
  • Perth: 41
  • Canberra: 70

This week, the highest volume of auctions in any one suburb is in the Melbourne suburb of Reservoir where 22 residential auctions are currently scheduled. Following Reservoir are three other Melbourne suburbs; Brunswick (20), Glen Waverley and Preston (both with 19).

Summary of last week’s results:

20160225 Capital city table

Last week saw the final auction clearance rate remain unchanged from the previous week at 71.8% across a significantly higher volume of auctions (2,347 compared to 1,400 the week prior). Last week was one of the first tests of the durability across the auction markets for this year, given volumes have begun their annual end of February climb.

For the second week in a row, Sydney recorded the strongest capital city clearance rate at 76.5%, followed closely by Melbourne at 74.1%. In Adelaide and Canberra, clearance rates fell almost 10 percentage points over the week to 64.6% and 61.9% respectively.

20160225 Capital city graph

The performance of regional markets was somewhat varied last week. Across the Gold Coast the auction clearance rate fell from 47.1% the previous week to 44.8% last week. On the other hand, clearance rates improved across the Wollongong region, up to 79.2% and the Geelong region (74.1%).

20160225 SA4 table

About Shana Miller

Shana joined CoreLogic RP Data in 2007, heading up CoreLogic RP Data’s 'agents advice' team which is responsible for collecting sales data directly from industry participants. Having gained a solid background in data collection, storage and reporting, Shana joined CoreLogic RP Data’s research team as an analyst in 2011. Shana's day to day activities include compiling CoreLogic RP Data’s regular analysis such as auction and private treaty metrics as well as reporting on housing markets at a local through to national level. Shana has now joined the CoreLogic RP Data commentating team to deliver weekly blog updates on housing market activity across the country.

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