National Auction Market Preview - 16 November 2017
Auction activity is expected to remain relatively steady this week, with 3,066 homes scheduled to go to auction across the combined capital cities, this is an increase of 5 per cent on last week’s final figures which saw 2,907 auctions held and slightly higher than volumes from one year ago (2,987).
Across the two major auction markets, activity is expected to rise across Melbourne, with 1,563 auctions scheduled this week, increasing from the 1,296 auctions held last week, while Sydney is set to host fewer auctions week-on-week, with 965 homes currently scheduled for auction, down 12 per cent on the 1,102 auctions held last week.
Across the smaller markets, the number of scheduled auctions has increased in Adelaide, Perth and Tasmania, while there are fewer in Brisbane and Canberra this week.
This week, all of the busiest suburbs for auctions are in Victoria, with 22 homes scheduled to go under the hammer in Richmond, followed closely by Mount Waverley with 21 auctions, while Essendon and Glen Waverley will both host 20 auctions.
Summary of Last Week’s results
The combined capital city final auction clearance rate rose to 62.8 per cent last week across a significantly higher volume of auctions week-on-week (2,907), increasing from 61.5 per cent over the previous week when 2,046 auctions were held. Clearance rates continue to track lower than what was seen one year ago; when over the corresponding week 74.4 per cent of auctions cleared, while volumes were similar a year ago at 2,897.
Across Melbourne, last week saw the final auction clearance rate drop below 70 per cent, recording a 69.2 per cent success rate across a higher volume of auctions over the week (1,296), this is the lowest recorded for the city since July 2016, falling from the 74.3 per cent across 318 auctions over the week prior. The final auction clearance rate recorded a more moderate fall across Sydney last week, with 58.5 per cent of the 1,102 auctions clearing, down from the 59.8 per cent across 1,232 auctions the previous week.
Across the smaller auction markets, performance was mixed last week, with clearance rates improving in Canberra and Perth while Adelaide, Brisbane and Tasmania all saw clearance rates fall.
The Gold Coast region was the busiest non-capital city region last week, with 65 auctions; however Geelong recorded the strongest clearance rate (72.6 per cent).