National Auction Market Preview - 28 September, 2017
Auction activity across the combined capital cities is set to be quite subdued this week, with half the nation host to an upcoming public holiday; combined with both the NRL and AFL grand finals being held over the weekend, it looks to be a quiet week for the auction markets.
There are 805 auctions currently being tracked by CoreLogic, down from the 2,759 held last week and only slightly lower than final results recorded over the equivalent week last year (872).
The most notable decrease in activity will be in Melbourne, where only 86 auctions are scheduled this week, while Sydney is set to host the highest volume of auctions this week, with 515 homes scheduled to go under the hammer, albeit volumes are well down on last week.
Brisbane is expected to be the second busiest capital city this week, with volumes remaining relatively steady week-on-week, while the remaining capital cities are all expected to see a lower volume of auctions.
With such low activity in Victoria this week, it is no surprise that the busiest suburbs for auctions are in NSW and Qld, with Port Macquarie in NSW topping this list with 8 scheduled auctions, followed closely by Manly (NSW), Wahroonga (NSW), Paddington (Qld) and Surfers Paradise (Qld) all with 7 auctions each.
Summary of Last Week's Results
Results last week saw the final auction clearance rate across the combined capital cities dip even lower, with 66.2 per cent of auctions clearing, recording the lowest clearance rate since March 2016. However volumes reached their highest levels since May of this year, with a total of 2,782 held, increasing from the week prior when 2,510 auctions were held and a clearance rate of 66.7 per cent was recorded. Over the same week last year, the clearance rate was a higher 75.4 per cent, across a lower 2,480 auctions.
Melbourne’s final auction clearance rate fell to 70.6 per cent last week, while volumes increased over the week, with 1,361 held across the city, up from the 1,265 over the week prior when a higher clearance rate were recorded (71.4 per cent). In Sydney, both clearance rate and volumes increased last week, with 65.9 per cent of the 1,033 auctions clearing, rising from the 64.2 per cent across 916 auctions the previous week, which was the lowest recorded clearance rate for the city since early 2015.
Across the remaining capital cities, clearance rates fell in Adelaide, Canberra and Perth, while Brisbane’s final clearance rate rose.
Geelong recorded the highest clearance rate of the non-capital city regions, with 70.6 per cent of auctions clearing, however the Hunter region had the highest volume of auctions, with 63 held.