CoreLogic National Auction Preview, week ending 16 October 2016
Upcoming auctions:
Auction volumes are set to remain relatively stable this week across the combined capital cities with 2,217 auctions currently being tracked by CoreLogic compared to 2,290 auctions last week. In Sydney, 792 auctions are currently scheduled for this week and in Melbourne there are 1,110 auctions scheduled. In both Sydney and Melbourne auction volumes are well down from their levels a year ago.
Across the smaller capital cities, auction activity is sightly lower across all capital cities relative to volumes last week.
Capital city auctions this week:
- Sydney: 792
- Melbourne: 1,110
- Brisbane: 144
- Adelaide: 78
- Perth: 30
- Canberra: 56
Reservoir in Melbourne is the busiest individual suburb for auctions across the nation this week, with 25 residential homes set to go under the hammer. Richmond and Essendon also have a relatively high number of auctions this
week with 17 and 16 auctions scheduled respectively.
Summary of last week’s results:
Capital city auction clearance rates increased last week despite a significant rise in volumes. Auction clearance rates were recorded at 76.4%, up from 75.8%. The number of auctions rose from 872 the previous week to 2,290 last week.
Last week saw Melbourne’s clearance rate ease to 78.4 per cent, from 87.2 per cent the previous week, while for Sydney, final results show that the clearance rate for the city fell from 82.5 per cent the previous week to 79.8 per cent last week. Despite Sydney and Melbourne recording a fall in clearance rates, there were still a number of sub-regions where clearance rates came in above the 80 per cent mark.
Across the smaller auction markets, performance was mixed last week, with clearance rates improving by varying degrees in Brisbane, Canberra and Tasmania.
The Gold Coast was the busiest non-capital city region last week, with 72 auctions, however Geelong recorded the strongest clearance rate at 80.0 per cent.
