CoreLogic National Auction Preview, week ending 5 March 2017

Upcoming auctions:

The number of auctions scheduled to take place across the combined capital cities is set to fall this week, after the record high for February seen last week. There are 2,558 currently being tracked by CoreLogic, down from 3,301 auctions last week.

Auction activity is down week-on-week in Melbourne and Sydney, the two major auction markets, with 1,302 Melbourne homes set to go to auction, down from last week’s 1,635, and 858 auctions set to be held across Sydney, decreasing from last week’s 1,210.

Across the smaller markets, volumes are set to decrease across the remaining capital cities. However, overall activity is set to be higher than what was seen over the corresponding week last year (2,304).

Capital city auctions this week:

  • Sydney: 858
  • Melbourne: 1,302
  • Brisbane: 141
  • Adelaide: 112
  • Perth: 35
  • Canberra: 104

South Yarra and St Kilda in Victoria are the two busiest suburbs for auctions across the nation this week, each with 21 residential homes set to go under the hammer, followed by Malvern East and Reservoir also in Vic both with 19 and Mosman in NSW with 17 auctions.

Summary of last week’s results:

Last week saw the final auction clearance rate rise to 78.4 per cent, recording the highest clearance rate year-to-date across the combined capital cities, while auction volumes reached a record high for February, with 3,301 capital city auctions last week, up from 2,291 the previous week.  Both clearance rate and volumes were higher than what was seen over the corresponding week last year, when 71.4 per cent of the 2,701 auctions were reported as successful.

Last week saw Melbourne’s final clearance rate increase to 81.0 per cent, up from 75.7 per cent the previous week. Across Sydney, the final clearance rate fell to 80.0 per cent, down only slightly from 80.6 per cent the previous week. Both Melbourne and Sydney saw an increase in the number of auctions held over the week, with 1,635 and 1,210 auctions, up from the previous week’s 1,091 and 856 respectively.  Across the sub-regions clearance rates were mixed, with Sydney’s Eastern Suburbs reporting the highest rate of clearance of all the sub-regions (88.2 per cent).

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

The busiest non-capital city region last week was Wollongong, with 71 auctions; however Geelong recorded the strongest clearance rate at 80.8 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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