CoreLogic National Auction Preview, week ending 30 April 2017

Upcoming auctions

The number of auctions scheduled to take place across the combined capital cities this week is expected to increase, with 2,166 currently being tracked by CoreLogic.

In both Melbourne and Sydney, the two major auction markets, auction activity is set to ramp up with 1,133 scheduled auctions across Melbourne, increasing from 828 last week and 738 homes to go under the hammer in Sydney, up from last week’s 596.

Across the smaller auction markets, volumes will see an increase across Canberra and Tasmania, while decreasing in Adelaide, Brisbane and Perth.

Overall, auction activity is set to be lower than what was seen over the corresponding week last year (2,675).

This week, Craigieburn is the busiest suburb for auctions, with 24 homes set to go under the hammer, followed by Glen Waverley (19), Epping (18) and Mount Waverley (15), all of which are in Victoria.

Summary of Last Week’s results

Last week, the final auction clearance rate across the combined capital cities fell below 70 per cent, after remaining in the mid-70 per cent range for 10 consecutive weeks.  There were 1,751 capital city auctions last week, with 69.8 per cent reporting as successful, down from the 73.9 per cent, across a significantly lower 493 auctions the week prior. When compared to one year ago, auction volumes were a lower 1,565, with 69.7 per cent clearing.

In Melbourne, volumes rose substantially over the week, with 828 auctions held and a final auction clearance rate of 75.2 per cent. This is lower than the 81.3 per cent across 102 auctions the week prior, however higher than one year ago when there were 602 auctions and a success rate of 71.5 per cent. Across Sydney, volumes doubled over the week, with 596 auctions held and 72.4 per cent reporting as successful, down from 77.0 per cent across 279 auctions the previous week and also lower than the 77.4 per cent one year ago.

Across the remaining capital cities, clearances rates fell in Adelaide, Canberra and Perth, while increasing in Brisbane and Tasmania, however auction volumes were significantly higher last week compared to the week prior.

Geelong recorded the highest clearance rate of all the non-capital city regions at 70.7 per cent, while the Gold Coast region had the highest volume of auctions (64).

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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