CoreLogic National Auction Preview, week ending 5 February 2017
Upcoming auctions:
The number of auctions scheduled to take place across the combined capital cities this week is set to increase after the seasonal low volumes seen over the holiday period. However, auction activity appears to be increasing at a slower rate than what was seen over the corresponding period in previous years, with 802 auctions scheduled this week compared with the 916 reported over the same week last year.
In Australia’s two major auction markets, Sydney and Melbourne, auction activity is set to ramp up with 248 scheduled auctions across Melbourne and 224 properties set to go under the hammer in Sydney.
Overall, auction activity is set to be lower than what was seen over the equivalent week last year.
Capital city auctions this week:
- Sydney: 224
- Melbourne: 248
- Brisbane: 93
- Adelaide: 133
- Perth: 32
- Canberra: 63
Surfers Paradise in Queensland is the busiest individual suburb for auctions across the nation this week, with 11 residential homes set to go under the hammer, followed by Port Macquarie in NSW and Paradise Point in Qld with 9 auctions each, and Hoppers Crossing and St Albans in Victoria both with 8.
Last week’s results:
Note: Please keep in mind that the auction volumes are still low, so the clearance rates should be interpreted accordingly.
Summary of results 2016:
The combined capital city auction clearance rate remained above 70 per cent for 20 consecutive weeks through the second half of 2016, with the number of auctions reaching the second highest level over the week ending 11th December (3,432), which is only slightly lower than the peak seen over the week ending 20th March (3,540). Across the combined capital cities, the week ending 23rd October saw the highest clearance rate recorded over the year (78.1 per cent).
Last year saw Melbourne and Sydney’s clearance rate remain in the 70 to mid-80 per cent range for over 40 weeks throughout the year, with auction volumes across Melbourne reaching their highest levels over the week ending 20th March (1,788), while the week ending 2nd October saw the highest clearance rate (87.2 per cent). In Sydney, auction volumes reached their peak over the week ending 27th November with 1,264 auctions reported, while the peak clearance rate for Sydney was recorded over the week ending 21st August, when 84.3 per cent of auctions were successful.
Across the smaller auction markets, performance was varied over the year, with auction volumes trending higher across Adelaide, Canberra and Perth over the second half of 2016.
