National Auction Market Preview - 2 November 2017
This week, there are fewer auctions scheduled to take place across the combined capital cities, with 1,862 currently being tracked by CoreLogic, this is half the volume of auctions recorded last week when the combined capitals saw the highest volume of auctions recorded since late 2015 (3,713).
Across Melbourne, auction activity is expected to fall this week; the lower volumes is likely due to the upcoming Melbourne cup festivities and coming off the back of the highest week for auctions ever recorded for the city. There are only 258 Melbourne homes scheduled to go to auction this week, down from the 1,983 last week.
Activity across Sydney is set to remain relatively steady week-on-week, with 1,148 auctions scheduled to take place, decreasing by 6 per cent on last week’s final figures which saw 1,215 auctions held.
Across the remaining capital cities, auction activity is expected to decrease across Adelaide, Brisbane, Perth and Tasmania, while Canberra will see volumes rise.
Due to the low activity in Victoria this week, all of the busiest suburbs for auctions are in New South Wales, with 26 Mosman homes scheduled to go under the hammer, followed by Randwick (20), St Ives (18) and Vaucluse (14).
Summary of Last Week’s results
The combined capital cities recorded a year-to-date high in auction volumes last week, with 3,713 held; despite the higher volumes the final auction clearance rate saw only a slight dip week-on-week, recording a 64.5 per cent clearance rate from 64.7 per cent over the week prior, when significantly fewer auctions were held across the cities (2,519). Over the same week last year, 2,253 auctions were held with 74.4 per cent reported as successful.
Melbourne’s final auction clearance rate remained above 70 per cent last week as volumes reached their highest level ever recorded for the city, with 1,983 Melbourne homes taken to auction, returning a final clearance rate of 70.2 per cent, down only slightly from the week prior when 70.3 per cent of the 1,251 auctions cleared. In Sydney, volumes also saw a significant increase week-on-week, with 1,215 held, however the final auction clearance rate dropped to its lowest level this year and lowest since January 2016, recording a 58.3 per cent rate of clearance, down from the 61.3 per cent the previous week when 823 auction were held.
Adelaide, Canberra and Perth all saw clearance rates increase last week, while Brisbane and Tasmania recorded lower clearance rates when compared to the week prior.
Geelong was the best performing sub-region last week, recording a 79.7 per cent clearance rate across 65 auctions, while the Gold Coast held the most auctions (85).