National Auction Market Preview - 10 November 2017
This week, the number of auctions scheduled to take place across the combined capital cities is expected to rise, with 2,714 currently being tracked by CoreLogic, increasing from the 2,046 auctions held last week and lower than results from one year ago (2,897).
Across Melbourne, auction activity is expected to rise considerably after the slowdown seen preceding the Melbourne cup festivities last week, with the city set to host 1,209 auctions this week, up from the 318 auctions held last week.
In Sydney, 1,032 homes are scheduled to go to auction this week, down from the 1,232 auctions held last week.
Across the remaining capital cities, there are fewer auctions scheduled this week in Adelaide, Canberra and Perth, while volumes are to rise in Brisbane and Tasmania.
This week, the busiest suburb for auctions is Reservoir in Victoria with 21 homes scheduled to go to under the hammer, followed by Randwick (NSW), Bentleigh East (Vic) and Craigieburn (Vic), all of which are host to 16 auctions each.
Summary of Last Week’s results
The combined capital cities saw auction activity fall last week, with 2,046 homes taken to auction returning a final auction clearance rate of 61.5 per cent; this is the lowest weighted average clearance seen since early 2016, falling from 64.5 per cent over the week prior when a significantly higher volume of auctions were held (3,713). When comparing to results from over the same week one year ago, a much higher 73.6 per cent clearance rate was recorded across 2,517 auctions.
In Melbourne, final results saw the clearance rate increase last week, with 74.3 per cent of the 318 auctions successful, up from the 70.2 per cent across a significantly higher 1,983 auctions over the week prior. Across Sydney, the final auction clearance rate increased slightly, recording a 59.8 per cent success rate across a slightly higher volume of auctions week on week, with 1,232 held, up from 1,215 the previous week when 58.3 per cent cleared.
Across the remaining capital cities, clearance rates improved in Adelaide, Brisbane and Tasmania, while falling in Canberra and Perth.
Geelong recorded the highest clearance rate of all the non-capital city regions, with 75.0 per cent of auctions reporting as successful, while the Wollongong region had the highest volume of auctions (62).