National Auction Market Preview - 17 September 2017
Auction activity across the combined capital cities is expected to see a slight increase this week, with 2,270 properties scheduled to go to auction, rising from last week’s final results which saw 2,258 auctions take place across the capitals and also higher than volumes over the equivalent week last year (2,149).
In Melbourne and Sydney, volumes are set to rise in Melbourne with 1,137 homes scheduled to go to auction this week, up slightly from last week’s 1,111, while in Sydney the number of auctions scheduled this week is unchanged from last’s week’s final result, which saw 826 auctions held across the city.
Across the smaller auction markets, Adelaide is the only capital city to see a higher volume of auctions week-on-week, with Brisbane, Canberra, Perth and Tasmania all expected to see volumes fall.
Reservoir in Victoria is the busiest suburb for auctions for another week, with 27 properties scheduled to go under the hammer this week, followed by Kew also in Victoria with 19 auctions, while Buderim in Queensland makes the top 3 busiest suburbs list this week, with 18 homes scheduled to go to auction.
Summary of Last Week's Results
The combined capital city final auction clearance rate recorded 66.9 per cent of auctions successful last week across a higher volume of auctions (2,258), increasing from the week prior when the final auction clearance rate fell to its lowest level since June 2016, recording a 66.4 per cent rate of clearance across a lower 2,074 auctions. Last week’s results were significantly lower than the 75.4 per cent one year ago, across fewer auctions (2,062).
Across Melbourne, the final auction clearance rate rose to 71.8 per cent across a higher volume of auctions (1,111), up from the previous week when 71.3 per cent of the 976 auctions cleared. In Sydney, a 65.8 per cent final auction clearance rate was recorded across 826 auctions, increasing from the week prior when fewer auctions were held (779) and a lower rate of clearance was recorded (65.5 per cent).
Performance across the remaining auction markets was varied, with clearance rates improving in Adelaide and Canberra, while Brisbane Perth and Tasmania all saw clearance rates fall over the week.
Geelong recorded the highest clearance rate of all the non-capital city regions, with 80.8 per cent of the 32 auctions clearing, while the Gold Coast held the highest number of auctions (60), however only 29.8 per cent cleared.