CoreLogic National Auction Preview, week ending 23 April 2017

Upcoming auctions

This week, the number of auctions scheduled to take place will increase across the combined capital cities, with 1,586 currently being tracked by CoreLogic, up from 493 last week when auction activity slowed down over the Easter period.

Melbourne is expected to see the most significant increase in volumes over the week, with 743 properties to go to auction, up from 102 last week. Across Sydney, auction volumes are set to double, with 543 auctions scheduled to take place, increasing from 279 last week.

Outside of Sydney and Melbourne, each of the remaining capital cities will see a higher number of auctions this week compared to last week.

Overall auction activity is set to be higher than the corresponding week last year (1,565).

Victoria has the busiest suburbs for auctions this week, with 19 homes set to go under the hammer in Craigieburn, followed by Glen Waverley, Melbourne and Werribee where each will host 12 auctions.

Summary of Last Week’s results

Auction activity across the combined capital cities saw a decrease last week over the Easter period, with a total of 493 auctions held, down significantly from 3,517 auctions the week prior when the busiest week for auctions so far this year was recorded. The final auction clearance rate fell slightly, from 74.8 per cent the previous week to 73.9 per cent last week.

Melbourne was the best performing capital city auction market last week, with 81.3 per cent of the 102 auctions successful. However, Sydney had the highest volume of auctions, with 279 held and a clearance rate of 77.0 per cent. Across the smaller capital cities, clearance rates improved week-on-week in Adelaide, Canberra and Perth, however volumes were significantly lower across each market last week compared to the week prior.

Across the non-capital city auction markets, the Geelong region recorded the strongest clearance rate at 94.7 per cent, while the Gold Coast had the highest number of auctions (34).

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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