CoreLogic National Auction Preview, week ending 31 July 2016

Upcoming auctions:

CoreLogic is this week tracking an increase in auction activity across the combined capitals with 1,489 auctions currently scheduled, up by more than 10 per cent when compared to last week (1,329). Despite the weekly increase, auction activity remains well below the levels seen last year, when 1,903 auctions were held over the week. Overall, this year’s winter auction market has been much quieter than what was seen last year, with a total of 12,469 auctions held over the first eight weeks of winter this year, compared to 15,142 at the same time last year (almost 20 per cent lower).

All capital cities are showing more auctions this week when compared to last week with the exception of Sydney and Canberra where fewer auctions are expected this week.

Capital city auctions this week:

  • Sydney: 460
  • Melbourne: 709
  • Brisbane: 146
  • Adelaide: 105
  • Perth: 31
  • Canberra: 31

This week there are four individual suburbs across the nation with 10 or more auctions scheduled, all of which are Melbourne suburbs. Preston will host the most auctions (13), followed by Melbourne (12), Reservoir (11) and Malvern East (10).

Summary of last week’s results:

20160728 cc table

For the first time in three weeks, the final auction clearance rate across the combined capitals slipped below the 70 per cent mark last week, with 67.9 per cent of auctions clearing. Over 91 per cent of auctions were reported to CoreLogic, with a total of 1,329 capital city properties taken to auction.

20160728 cc graph

Unsurprisingly, the two major auction markets of Sydney and Melbourne maintained the strongest clearance rates last week, however both cities recorded a fall compared to the previous week. Melbourne’s clearance rate fell from 76.1 per cent to 71.6 per cent and Sydney’s clearance rate last week was 71.5 per cent, compared to 74.9 per cent over the previous week.

Looking at the individual performance across the sub-regions showed that there were individual pockets of Sydney (Inner West at 91.9 per cent and Eastern Suburbs at 84.2 per cent) where the chance of selling a residential property at auction was extremely high last week.

For the second week in a row, the Gold Coast has recorded a clearance rate above the 60 per cent mark, which is a strong result for the city, with clearance rates generally sitting around the 40 per cent range.

20160728 sub-region

 

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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