CoreLogic National Auction Preview, week ending 12 March 2017

Upcoming auctions:

There are 1,362 properties scheduled to go to auction this week across the combined capital cities, this is a significant decrease in volume compared to the 2,907 auctions last week.

Across the two major auction markets, in Melbourne and Sydney, auction activity has fallen this week, with only 333 auctions to be held across Melbourne, down substantially from 1,459 last week and 754 homes to go to auction across Sydney, down from 950 last week.

Across the smaller markets, volumes are set to decrease across the remaining capital cities. Overall activity is lower than over the corresponding week last year (1,488).

Capital city auctions this week:

  • Sydney: 754
  • Melbourne: 333
  • Brisbane: 122
  • Adelaide: 82
  • Perth: 28
  • Canberra: 40

Craigieburn in Victoria is the busiest suburb for auctions across the nation this week, with 14 residential homes scheduled to go under the hammer, followed closely by Wahroonga and Randwick, both of which are in NSW, with 13 and 11 auctions to be held respectively.

Summary of last week’s results:

The combined capital city final auction clearance rate fell to 74.6 per cent last week, down from 78.4 per cent over the previous week, when the final clearance rate recorded the strongest result since June 2015. Auction volumes were lower last week with 2,907 auctions held, compared to 3,301 the week prior. Over the same week last year, both auction volumes and clearance rate were lower, when 68.6 per cent of the 2,304 auctions were reported as successful.

Last week saw Melbourne’s final clearance rate fall to 78.4 per cent, down from 81.0 per cent the previous week. Across Sydney, the final clearance rate fell to 76.0 per cent, down from 80.0 per cent the previous week. Both Melbourne and Sydney saw a decrease in the number of auctions held over the week, with 1,459 and 950 auctions, down from the previous week’s 1,635 and 1,210 respectively.

Across the smaller auction markets, clearance rates decreased across all of the capital cities, with the exception of Tasmania where the clearance rate remaining unchanged.

The busiest non-capital city region last week was the Gold Coast, with 60 auctions; however Wollongong recorded the strongest clearance rate at 81.3 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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