CoreLogic National Auction Preview, week ending 11 December 2016

Upcoming auctions:

Auction volumes are set to increase slightly this week with 3,232 capital city auctions currently being tracked by CoreLogic this week compared to 3,207 auctions last week. Auction volumes are set to rise this week in Melbourne, with 1,561 auctions scheduled. There are slightly fewer auctions scheduled across Sydney this week, with 1,126 homes set to be taken to auction. Auction activity is set to be higher than the corresponding week last year (2,989).

Outside of Sydney and Melbourne, each of the remaining capital cities is set to see a lower number of auctions compared to last week.

Capital city auctions this week:

  • Sydney: 1,126
  • Melbourne: 1,561
  • Brisbane: 190
  • Adelaide: 150
  • Perth: 72
  • Canberra: 110

Glen Waverley in Melbourne is the busiest individual suburb for auctions across the nation this week, with 24 residential homes set to go under the hammer. Followed by Reservoir (23), St Kilda (21), Richmond (20) and Hawthorn (19), all of which are in Victoria.

Summary of last week’s results:

20161208-capital-city-stats

Capital city auction clearance rates remained strong last week for the first week of Summer, final results show 72.3 per cent of auctions were successful. However, the number of properties taken to auction last week fell across the capital cities with 3,207 auctions held, down from 3,398 the previous week.

20161208-capital-city-timeseries

Last week saw Melbourne’s final clearance rate increase to 77.3 per cent, from 76.1 per cent the previous week, while for Sydney, final results show that the clearance rate for the city fell from 77.1 per cent the previous week to 75.2 per cent last week. Auction numbers decreased over the week in both Melbourne and Sydney, down to 1,416 and 1,182 from the previous week’s 1,616 and 1,262 respectively.

Across the smaller auction markets, performance was mixed last week, with clearance rates improving in Adelaide and Perth, while Brisbane, Tasmania and Canberra’s clearance rate fell.

The Hunter region was the busiest non-capital city region last week, with 73 auctions; however Geelong recorded the strongest clearance rate at 86.1 per cent.

20161208-subregions

 

About Cameron Kusher

Cameron Kusher is Head of Research at CoreLogic, specialising in primary and secondary data analysis, property market commentary and consultancy. Cameron has a thorough understanding of the fundamentals such as demographics, trends, economics and spacial analysis and is a regular keynote speaker for property-related groups, regulated industry bodies, corporations and the government sectors. Follow Cameron on Twitter @cmkusher

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