CoreLogic National Auction Preview, week ending 1 May 2016

Upcoming auctions:

This week will be the busiest for capital city auction markets since the week prior to Easter, with 2,419 auctions currently being monitored by CoreLogic. Compared to last week, auction volumes are higher in each individual capital city market and have almost doubled in Melbourne, up from 602 last week to the current scheduled number of 1,233.

This week is set to be the busiest for auctions in six weeks for Adelaide, Canberra and Perth, while the number of homes being taken to auction across Brisbane remains relatively steady. Sydney, the nation’s second busiest auction market has 763 auctions scheduled this week.

Capital City Auctions this week:

  • Sydney: 763
  • Melbourne: 1,233
  • Brisbane: 141
  • Adelaide: 129
  • Perth: 44
  • Canberra: 101

The busiest individual suburb for auctions this week is Bentleigh East in Melbourne, with 28 auctions to be held. The second busiest suburb is St Kilda (21), followed by Craigieburn, Malvern East and Reservoir, each with 18 auctions. All five suburbs are located in Melbourne.

Summary of last week’s results:

20160428 Capital city table

While auction volumes fell slightly last week with 1,565 capital city auctions held, the final auction clearance rate rose slightly, from 67.4 per cent the previous week to 69.7 per cent last week.

20160428 Capital city graph

Sydney was the best performing capital city auction market last week, with both the highest volume of auctions (643) and the strongest clearance rate, at 77.4 per cent, having risen substantially from 69.8 per cent the previous week when auction volumes were lower. Of the 15 individual sub-regions of Sydney, five regions recorded a clearance rate in excess of 80 per cent this week. In Melbourne, 602 auctions took place and the clearance rate remained steady, at 71.5 per cent over the week. Unlike Sydney, no Melbourne sub-regions recorded a clearance rate above 80 per cent.

Across the non-capital city auction markets monitored by CoreLogic, the Hunter region was the strongest performer, with 73.9 per cent of reported auctions successful, up substantially from 44.4 per cent the previous week. Clearance rates improved in each individual regional auction market on a week-on-week basis, with the exclusion of the Gold Coast, where the clearance rate fell from 45.5 per cent the previous week to 40 per cent last week.

20160428 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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