CoreLogic National Auction Preview, week ending 29 May 2016

Upcoming auctions:

Auction activity will rise this week, with CoreLogic currently monitoring a total of 2,301 capital city auctions, representing a 20 per cent rise in activity compared with last week (1,920). Despite the week-on-week rise, the number of capital city auctions compared to last year remains remarkably lower, given 2,792 were held over the same week last year.

One of the significant differences when comparing this year to last year is the activity in Sydney. One year ago, over the week there were 1,149 Sydney auctions, while this year there are currently 732 scheduled. In Melbourne, the difference is less noticeable, with 1,110 scheduled for this week, compared to 1,248 one year ago.

Capital City Auctions this week:

  • Sydney: 732
  • Melbourne: 1,110
  • Brisbane: 176
  • Adelaide: 114
  • Perth: 55
  • Canberra: 100

The busiest individual suburb for auctions this week is Melbourne’s Glen Waverley, where a total of 25 residential properties will be taken to auction. Reservoir (19), Craigieburn (16) and South Yarra (16), also in Melbourne, follow on from Glen Waverley as the busiest auction suburbs this week.

Summary of last week’s results:

20160526 table

After recording a preliminary clearance rate of 70 per cent last week, the final auction clearance rate revised down slightly, to 68.9 per cent across 1,765 auction results.

20160526 clearance rate graph

The two largest auction markets of Sydney and Melbourne recorded the strongest clearance rates last week, at 73.2 per cent and 70 per cent, respectively, followed by Adelaide (68.8 per cent) and Canberra (67.2 per cent).

Results from last week show that across Queensland, auction clearance rates remained within 10.5 percentage points across the three main auction markets of Brisbane (50.9 per cent), the Gold Coast (44.1 per cent) and the Sunshine Coast (54.6 per cent).

Regional New South Wales auction clearance rates were relatively similar to what was seen across the state’s capital city, at 71 per cent for Hunter and 70.4 per cent for Wollongong. The Geelong clearance rate of 70 per cent across 20 auction results was the same as Melbourne, at 70 per cent across a much more substantial 797 results.

20160526 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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