CoreLogic National Auction Preview, week ending 2 October 2016

Upcoming auctions:

This week there are far fewer auctions scheduled across the capital cities, with the NRL and AFL grand finals both scheduled to take place, as well as a number of long weekends. The sharpest fall away in auction volumes is in Melbourne. After hosting 1,103 auctions last week, only 74 are currently being tracked in Melbourne. In Sydney, the fall away is less drastic, with 420 auctions scheduled, compared to 946 last week.

Outside of Sydney and Melbourne, auction activity is lower on a week-on-week basis in all other cities. Brisbane is the only city that isn’t showing a major fall in auction activity, down from 144 last week to 104 this week.

Capital city auctions this week:

  • Sydney: 420
  • Melbourne: 74
  • Brisbane: 104
  • Adelaide: 37
  • Perth: 13
  • Canberra: 34

Given Melbourne’s auction market is much quieter this week, it is no surprise that the busiest suburbs across the nation for auctions are in Sydney, with Randwick (11) and Mosman (10) topping the list. The busiest suburb for auctions in Victoria this week is Warrnambool, with 9 scheduled.

Summary of last week’s results:

20160929-capital-city-table

Last week, just over three quarters of all reported auctions were sold (75.4 per cent), representing a slight fall in clearance rates over the week, down from 76.2 per cent the previous week. Auction volumes were up over the week, with 2,480 capital city auctions held.

20160929-capital-city-graph

For the fourth consecutive week, Sydney’s final clearance rate remained above the 80 per cent mark, reported at 80.4 per cent, falling slightly from 81.6 per cent over the previous week.

Despite the rise in auction activity, with 1,103 auctions held across the city, Melbourne’s clearance rate remained stable over the week, at 77.2 per cent.

Outside of the two major auction markets, Adelaide was the strongest performer, with 78.2 per cent of the 119 reported auctions clearing, followed by Canberra at 68.4 per cent.

New South Wales’ Hunter region and Queensland’s Gold Coast both saw a weekly rise in both clearance rates and auction activity last week, while in each of the other three regional markets that CoreLogic monitors, clearance rates were lower over the week.

20160929-sub-regions

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.

Connect with CoreLogic

Enter your email address to subscribe to our e-newsletter, and have new posts delivered via email. You can also connect with CoreLogic on social media.

No comments yet.

Leave a Reply

Notify me of followup comments via e-mail. You can also subscribe without commenting.