National Auction Market Preview - 21 September 2017
The number of properties scheduled to go to auction this week is expected to surpass last week as the busiest week for auctions since June, with CoreLogic currently tracking 2,592 auctions across the combined capital cities, up from last week when final results saw 2,510 auctions held. Over the same week last year, volumes were lower that what we are currently tracking this week (2,480).
Sydney is set to see a higher volume of auctions this week, with 983 homes scheduled to go to auction across the city, increasing from last week when 916 auction were held. In Melbourne auction activity will remain relatively steady week-on-week, with 9 fewer auctions scheduled this week (1,256), when compared to last week’s final results (1,265).
Looking at the smaller auction markets, activity is set to rise in Adelaide, Canberra, Perth and Tasmania, while Brisbane will see fewer auctions scheduled this week compared to last.
Victoria has all of the busiest suburbs for auction this week, with 23 homes scheduled to go to auction across Brunswick, while Hopper Crossing is set to host 19 auctions, Reservoir with 18 and Northcote and Richmond both with 16 auctions each.
Summary of Last Week's Results
Last week, the combined capital cities saw auction volumes reach their highest levels since June, with a total of 2,510 held, returning a final auction clearance rate of 66.7 per cent, down only slightly from the week prior when a 66.9 per cent clearance rate were recorded across a lower 2,258 auctions. One year ago, clearance rates were significantly higher over the corresponding period, with 76.2 per cent of auctions clearing, across a lower volume of auctions (2,149).
The final auction clearance rate across Melbourne fell slightly last week, down to 71.4 per cent from 71.8 per cent the previous week, while volumes increased week-on-week, with 1,265 auctions held last week, up from the 1,111 over the week prior. While the Sydney market continues to show signs of softening, with final auction clearance rates for the city falling to 64.2 per cent; the last time clearance rates were this low across the city was late 2015, however volumes reached their highest since June, with 916 auctions held last week, increasing from 826 the previous week.
Adelaide, Brisbane and Canberra all saw an improvement in clearance rates last week, when compared to the previous week, while Perth’s final clearance rate fell.
Of the non-capital city regions, Geelong recorded the highest clearance rate, with 72.4 per cent of auctions successful, while the Sunshine Coast held the highest number of auctions last week (88).