CoreLogic National Auction Preview, week ending 27 November 2016

Auction activity is set to ramp up this week with 3,127 capital city auctions currently being tracked by CoreLogic. If all of these auctions go ahead it will be the largest auction week of the year. Both Sydney and Melbourne are set to record and increase in auction activity this week with 1,508 auctions scheduled for Melbourne and 1,143 scheduled auctions in Sydney. Although auction volumes are set to rise across this week, in Sydney and Melbourne volumes are set to be lower than a year ago.

Across the smaller cities, auction activity is set to fall in each city except for Adelaide where auction activity is set to remain steady.

Capital city auctions this week:

• Sydney: 1,143
• Melbourne: 1,508
• Brisbane: 182
• Adelaide: 135
• Perth: 59
• Canberra: 96

Reservoir and St Kilda in Melbourne are the busiest individual suburbs for auctions across the nation this week, with 24 properties for sale. The Melbourne suburbs of Richmond (21), Craigieburn (19) and Glen Waverley (19), Malvern East (19) and Mount Waverley (19) also have relatively high volumes.

Summary of last week’s results:

Capital city auction clearance rates fell last week, down to 74.4 per cent, compared to 75.8 per cent over the previous week. The number of auctions increased last week, with 2,987 capital city auctions compared to 2,897 over the previous week.

Last week saw Melbourne’s clearance rate strengthen to 79.4 per cent, from 76.8 per cent the previous week, while for Sydney, final results show that the clearance rate for the city fell from 81.4 per cent the previous week to 79.6 per cent last week. Not one sub-region of Sydney or Melbourne recorded an auction clearance rate of 90 per cent or more last week.

Across the smaller auction markets, Perth was the only capital city to record an increase in clearance rates over the week. In Canberra, the 70.3 per cent clearance rate was the lowest in five weeks.

The Hunter and Gold Coast regions were the busiest non-capital city regions last week, with 78 auctions, however Geelong recorded the strongest clearance rate at 85.7 per cent. Clearance rates in Geelong were higher than those in Melbourne and Gold and Sunshine Coast clearance rates were higher than those in Brisbane.