CoreLogic National Auction Preview, week ending 28 August 2016

Upcoming auctions:

There are almost 2,000 capital city auctions scheduled to take place this week, rising from 1,795 last week, but remaining lower than one year ago, when 2,654 auctions were held. Of the current 1,972 auctions being tracked by CoreLogic, 1,002 are in Melbourne and 691 are in Sydney, representing a week-on-week rise in activity for both cities, however not reaching the same levels as one year ago, when there were 1,188 Melbourne auctions and 1,106 Sydney auctions.

In Adelaide (76), Brisbane (112) and Perth (30), there will be fewer auctions this week, when compared to last week, with Canberra (58) the only city outside of Melbourne and Sydney where weekly activity will rise. Canberra also happens to be the only city with more auctions scheduled this week when compared to the same week last year.

Capital city auctions this week:

  • Sydney: 691
  • Melbourne: 1,002
  • Brisbane: 112
  • Adelaide: 76
  • Perth: 30
  • Canberra: 58

The three busiest suburbs for auction this week are all in Melbourne with Reservoir (19), Craigieburn (18) and Northcote (16) topping the list. The busiest suburb for auctions outside of Melbourne is Sydney’s Randwick, with 12 auctions scheduled.

Summary of last week’s results:

20160625 cc table

The overall strength in the capital city auction market was maintained last week, with a slight rise in the clearance rate, up to 75.2 per cent, compared to 75.0 per cent the week prior. Much of the ongoing strength in the capital city market continues to be driven by Sydney, where last week’s clearance rate hit the highest since the first week in June last year (88.7 per cent), at 84.3 per cent, despite the city recording lower volumes than over previous years.

20160625 cc graph

Melbourne was the busiest auction market last week, with 789 homes taken to auction and a final clearance rate of 75.4 per cent, which is lower over the week (78.9 per cent), but remains comparable to one year ago (76.7 per cent).

Brisbane saw both a rise in the number of auctions held last week and the clearance rate, rising to 56.8 per cent, while in Adelaide, auction activity was higher over the week, while the clearance rate fell to 62.0 per cent.

Wollongong (84.6 per cent) had the strongest clearance rate of any regional market monitored by CoreLogic last week, while the Gold Coast was the busiest, with 60 homes taken to auction.

20160625 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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