CoreLogic National Auction Preview, week ending 26 March 2017

Upcoming auctions

Auction activity is set to increase this week across the combined capital cities, with 2,979 properties scheduled to go to auction, up slightly from last week’s final result of 2,916.

The number of homes expected to go to auction this week is higher than the number of auctions held over the corresponding week last year, when only 554 auctions were recorded over what was the Easter period.

Across the two major auction markets, in Melbourne and Sydney, auction activity is set to increase this week, with 1,512 auctions to be held across Melbourne, up from 1,441 last week and 1,040 homes to go to auction across Sydney, increasing from 1,001 last week.

Across the smaller markets, the number of scheduled auctions has increased in Adelaide over the week, while volumes across the remaining capital cities have decreased.

South Yarra in Victoria is the busiest individual suburb for auctions across the nation this week, with 25 residential homes set to go under the hammer, followed by Essendon, Glen Waverley and Reservoir all of which are also in Victoria, each with 18 auctions.

Summary of Last Week’s results

The combined capital city final clearance rate fell last week, to 74.1 per cent down slightly from 75.1 per cent over the week prior, across a significantly higher volume of auctions, with 2,916 auctions held, up from the 1,473 over the previous week.

Across Melbourne, last week saw the final clearance rate decrease to 77.0 per cent, from 79.6 per cent the previous week. In Sydney, the final clearance rate fell to 76.8 per cent, from 77.8 per cent the week prior. Both Melbourne and Sydney saw an increase in the number of auctions held over the week, with 1,441 and 1,001 auctions held respectively.

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

The Geelong region was the busiest non-capital city region last week, with 59 auctions; however the Sunshine Coast recorded the strongest clearance rate at 76.2 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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  1. CoreLogic National Auction Preview, week ending 26 March 2017 — Australian Real Estate Blog - March 23, 2017

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