CoreLogic RP Data National Auction Preview, week ending 3 April 2016

Upcoming auctions:

Auction activity is set to resume this week, with 1,428 capital city auctions scheduled, rising from just 554 held last week as a result of the Easter long weekend. The most substantial rise in auction volumes is seen in Melbourne, up from 78 last week to 538 this week. However, despite this rise, this week marks the second week in a row where Sydney’s auction market is busier than Melbourne, with 595 Sydney homes scheduled to go under the hammer this week, up from 349 last week.

Auction volumes have risen in all other capital cities, up from 32 to 72 in Adelaide, up from 48 to 118 in Brisbane, up from 26 to 63 in Canberra and up from 7 to 33 in Perth.

Capital City Auctions this week:

  • Sydney: 595
  • Melbourne: 538
  • Brisbane: 118
  • Adelaide: 72
  • Perth: 33
  • Canberra: 63

The busiest individual suburb for auctions this week is Melbourne’s St Albans, where 14 homes are scheduled to go under the hammer. Following St Albans are Sydney’s Mosman and two other Melbourne suburbs (Epping and Glen Waverley), each with 13 auctions scheduled.

Summary of last week’s results:

20160331 capital city table

Only 554 capital city auctions were held last week and based on the 472 reported results, the combined capital city weighted clearance rate was 70.9 per cent, up from 68.8 per cent the previous week and the strongest clearance rate in four weeks.

20160331 capital city graph

Sydney was by far the busiest capital city auction market, with 349 homes taken to auction across the city, accounting for over 60 per cent of all capital city auctions. The final auction clearance rate was recorded at 77.9 per cent, rising substantially from 71.8 per cent over the previous week. With 595 auctions due to be held in the city this week, it will be interesting to see if the clearance rate slips to levels seen prior to Easter when volumes were higher.

In Melbourne, usually the busiest capital city market for auctions, the clearance rate last week was 71.4 per cent across just 56 reported results.

Outside of Sydney, each individual capital city market saw clearance rates fall over the week, with the exception of Perth where all 6 reported results were successful, however the low volumes make it hard to capture a true reading of auction health across the city.

20160331 sub region 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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