CoreLogic National Auction Preview, week ending 2 April 2017

Upcoming auctions: With 2,470 properties scheduled to go to auction across the combined capital cities this week, volumes are set to be lower than last week’s 3,171, however, higher than the corresponding week last year when a significantly lower volume of auctions were reported coming out of the Easter period (1,582).

In Melbourne and Sydney, Australia’s two major auction markets, week-on-week activity is expected to decrease, with 1,047 auctions scheduled across Melbourne, down from 1,607 last week and 1,035 properties to go to auction across Sydney, down from 1,098 last week.

Across the smaller markets, the number of auctions set to be held will decrease in Adelaide, Brisbane and Canberra over the week, while increasing in Perth and Tasmania.

Mosman in NSW is the busiest individual suburb for auctions across the nation this week, with 21 residential homes set to go under the hammer, followed by Reservoir and Elwood in Vic with 16 and 15 auctions respectively, and Manly in NSW with 14 auctions.

Summary of Last Week’s results

Last week, the combined capital city final clearance rate rose to 74.5 per cent, from 74.1 per cent the previous week. There were 3,171 auctions held last week, which was the second busiest week for auctions so far this year, up from the 2,916 the previous week.  Over the corresponding week last year, auction volumes were considerably lower due to the Easter period, when only 554 auctions were held.

Across Melbourne, the final clearance rate rose to 78.9 per cent last week, from 77.0 per cent the previous week. Across Sydney, the final clearance rate fell to 75.8 per cent, down from 76.8 per cent the previous week. Both Melbourne and Sydney saw an increase in the number of auctions held over the week, with 1,607 and 1,098 auctions, up from the previous week’s 1,441 and 1,001 respectively.  Across the sub-regions, Melbourne’s North West reported the highest rate of clearance of all the sub-regions (91.3 per cent).

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

The busiest non-capital city region last week was Hunter, with 67 auctions; however Geelong recorded the strongest clearance rate at 87.8 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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