CoreLogic National Auction Preview, week ending 6 November 2016
Upcoming auctions:
Auction volumes are set to rise across the combined capital cities this week with 2,327 auctions currently scheduled, up from 2,253 auctions last week. Sydney is set to host fewer auctions with 976 scheduled this week while in Melbourne auction volumes are set to rise with 883 auctions. Current auction volumes in Sydney and Melbourne remain significantly lower than they were at the same time last year.
Across the smaller cities, auction activity remains relatively steady when compared to last week in Perth and Canberra however, volumes are noticeably lower in Brisbane and Adelaide.
Capital city auctions this week:
- Sydney: 976
- Melbourne: 883
- Brisbane: 171
- Adelaide: 144
- Perth: 46
- Canberra: 97
Mosman in Sydney is the busiest individual suburb for auctions across the nation this week, with 21 residential homes set to go under the hammer. Melbourne, Reservoir, Richmond and St Kilda are all scheduled to have 14 auctions this week.
Summary of last week’s results:
Capital city auction clearance rates fell last week, down to 74.4 per cent, after having recorded their strongest result for the year so far over the previous week. The number of auctions increased last week, however, with 2,680 auctions held across the capitals, up from 2,443 the previous week.
Last week saw Melbourne’s clearance rate ease to 77.5 per cent, from 80.6 per cent the previous week, while for Sydney, final results show that the clearance rate for the city fell from 82.6 per cent the previous week to 80.5 per cent last week. Despite the moderate fall in clearance rates, there were a number of sub-regions where clearance rates came in above the 80 per cent mark.
Across the smaller capital city auction markets, most cities saw a decline in auction clearance rates over the week. Adelaide was the only smaller capital city in which clearance rates rose over the week.
The Gold Coast was the busiest non-capital city region last week, with 81 auctions, however Geelong recorded the strongest clearance rate at 86.1 per cent.
