CoreLogic National Auction Preview, week ending 19 March 2017

Upcoming auctions:

The number of properties scheduled to go to auction across the combined capital cities this week will see an increase, with 2,690 currently being tracked by CoreLogic.

The number of auctions expected to be held this week is higher than last week’s 1,473, with volumes increasing across all of the capital cities.  In Melbourne, auction activity is set to increase significantly after the fall in volumes seen last week due to the Labour day public holiday.

Overall auction activity is set to be lower compared to the 3,540 auctions recorded over the corresponding week last year.

Capital city auctions this week:

  • Sydney: 915
  • Melbourne: 1,347
  • Brisbane: 153
  • Adelaide: 101
  • Perth: 54
  • Canberra: 105

Prahran in Victoria is the busiest suburb for auctions across the nation this week, with 24 residential homes scheduled to go under the hammer, followed closely by Reservoir (22), St Kilda (21) and Glen Waverley (19), all of which are in Victoria.

Summary of last week’s results:

Last week saw the final clearance rate across the combined capital cities increase to 75.1 per cent, from 74.6 per cent the week prior, however, across a significantly lower volume of auctions compared to the week prior. The decrease in auctions held over the week can be attributed to the public holiday held across 4 of the 8 states and territories, with 1,473 auctions last week, down by almost half compared to the 2,907 over the previous week.

In Melbourne, last week saw the final clearance rate increase to 79.6 per cent, from 78.4 per cent the previous week. Across Sydney, the final clearance rate rose to 77.8 per cent, up from 76.0 per cent the week prior. Both Melbourne and Sydney saw a decrease in the number of auctions held over the week, with 385 Melbourne auctions held, down significantly from 1,459 the week prior and 803 auctions across Sydney, down from 950 the previous week.

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

The busiest non-capital city region last week was Hunter and the Gold Coast, with 49 auctions each; however Geelong recorded the strongest clearance rate at 89.5 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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