CoreLogic National Auction Preview, week ending 18 December 2016

Upcoming auctions:

There are significantly fewer auctions scheduled to take place across the combined capital cities this week, with 2,627 currently being tracked by CoreLogic. In both Melbourne and Sydney, the two major auction markets, auction activity is down week-on-week, with 1,225 Melbourne auctions scheduled and 862 homes set to be taken to auction across Sydney. This activity is higher than what was seen over the corresponding week last year.

Across the smaller cities, auction activity is lower week-on-week in Adelaide and Perth, while higher in Canberra and Brisbane.

Capital city auctions this week:

  • Sydney: 862
  • Melbourne: 1,225
  • Brisbane: 221
  • Adelaide: 126
  • Perth: 45
  • Canberra: 127

Epping in Melbourne is the busiest individual suburb for auctions across the nation this week, with 23 residential homes set to go under the hammer. Followed by Glen Waverley (21), St Albans (20), Reservoir (19) and Bundoora (18) all of which are in Victoria.

Summary of last week’s results:

The combined capital city auction clearance rate remained above 70 per cent last week for the 20th consecutive week (71.6 per cent), although, down from the previous week’s 72.3 per cent, with the number of auctions reaching the highest level since March (3,432). This was significantly higher than the corresponding week last year when a clearance rate of 58.2 per cent was recorded across 2,989 auctions.

Last week saw Melbourne’s final clearance rate increase slightly to 78.4 per cent, from 77.3 per cent the previous week. Across Sydney, the final clearance rate fell to 73.7 per cent, down from 75.2 per cent the previous week. Both Melbourne and Sydney saw an increase in the number of auctions held over the week (1,685 and 1,168). Across the sub-regions clearance rates were mixed, with Melbourne’s Inner West region reporting the highest rate of clearance of all the sub-regions (83.3 per cent).

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

The Gold Coast region was the busiest non-capital city region last week, with 75 auctions, however Geelong recorded the strongest clearance rate at 76.6 per cent.

 

 

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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