CoreLogic National Auction Preview, week ending 12 February 2017
Upcoming auctions:
The combined capital cities are set to see a significant increase in auctions over the week, with 1,500 scheduled to take place, up from last week’s 881. With the ramp up in auction activity, the number of properties set to go to auction this week is higher than the same week last year (1,400).
While last week saw a slow start to the year across the Sydney market with volumes reporting lower than the corresponding week last year, this week the number of scheduled auctions across Sydney surpasses results from one year ago (513), with 597 auctions scheduled to take place. Across Melbourne, Australia’s other major market, the number of properties set to go under the hammer this week increased to 531, up from last week’s 261, however, the number of auctions remains lower than one year ago (556).
Across the smaller markets, the number of scheduled auctions has increased over the week in Brisbane, Canberra, Perth and Tasmania, while volumes in Adelaide have decreased over the week.
Capital city auctions this week:
- Sydney: 597
- Melbourne: 531
- Brisbane: 117
- Adelaide: 90
- Perth: 71
- Canberra: 81
Port Macquarie in NSW is the busiest individual suburb for auctions across the nation this week, with 16 residential homes set to go under the hammer, followed by St Albans in Vic with 13. Dee Why, Manly and Nelson Bay all of which are in NSW, are set to hold 10 auctions each.
Summary of last week’s results:
Last week saw the final auction clearance rate across the combined capital cities fall to 68.8 per cent across a higher volume of auctions (881). Both clearance rate and volumes were lower than the corresponding period last year, when a 70.1 per cent clearance rate was recorded across 916 auctions.
In Melbourne, last week saw the final clearance rate decrease to 77.7 per cent, from 82.4 per cent the previous week. Across Sydney, the final clearance rate fell to 72.3 per cent, down from 76.6 per cent the week prior. Both Melbourne and Sydney saw an increase in the number of auctions held over the week (261 and 259 respectively). Across the sub-regions clearance rates were varied with volumes still considerably low.
Across the smaller auction markets, performance was varied last week, with clearance rates improving in Perth, while decreasing or remaining relatively stable in Adelaide, Brisbane, Canberra and Tasmania.
The Gold Coast region was the busiest non-capital city region last week, with 74 auctions; however Geelong recorded the strongest clearance rate at 84.2 per cent.
