National Auction Market Preview - 20 October 2017
CoreLogic is currently tracking 2,276 auctions across the combined capital cities this week, down from 2,525 last week. Over the same week last year, 2,680 auctions were held.
Melbourne accounts for just over 50 per cent of capital city auction activity this week with 1,145 homes scheduled for auction, compared to 1,223 last week and 1,377 last year. In Sydney, 750 homes are set to go under the hammer this week, down from 928 last week and 897 this time last year.
Across the remaining capital cities, Adelaide is set to see volumes increase week with 134 homes scheduled for auction, increasing from 93 last week and 100 last year. Brisbane is currently expecting around 140 auctions this week, down from 171 last week and 191 last year.
There are 65 auctions scheduled in Canberra this week, similar to last week (61), while in Tasmania, 9 auctions are currently scheduled. Perth volumes have dropped slightly this week, with 32 homes set to go under the hammer, down from 42 last week and similar to this time last year (34).
Melbourne is once again host to the busiest individual suburbs for auctions, with CoreLogic tracking 20 auctions in Reservoir so far this week, followed by Glen Waverley (16), Balwyn North and Craigieburn (15).
Summary of Last Week’s results
Last week’s final auction clearance rate increased to 67.1 per cent across the combined capital cities, after slipping to 64.4 per cent the previous week. Last week’s clearance rate was the strongest it has been since the week ending 27 August (68.3 per cent), although still well below this time last year, when 76.2 per cent of auctions were successful. There were 2,525 homes taken to auction last week, increasing from 2,318 over the previous week and 2,443 over the same week last year.
Across the two largest auction markets, Sydney and Melbourne, clearance rates improved week-on-week. Melbourne recorded a clearance rate of 73.2 per cent across 1,223 auctions last week, up from 70.3 per cent across 1,119 auctions the previous week, while in Sydney, 928 homes were taken to auction returning a clearance rate of 63.3 per cent, up from 61.3 per cent across 818 auctions the previous week.
Looking at the smaller auction markets, Adelaide (65.9 per cent), Canberra (72.2 per cent) and Perth (54.8 per cent) recorded a week-on-week rise in auction clearance rates, while in Brisbane and Tasmania, clearance rates fell when compared to the previous week.
Across the five regional markets that CoreLogic monitors, results were varied. Geelong recorded the highest clearance rate with 83.3 per cent of the 54 reported auctions recording a successful result, while the Sunshine Coast had the lowest clearance rate, with 35.5 per cent of the 31 reported auctions a success.