CoreLogic National Auction Preview, week ending 19 February 2017
Upcoming auctions:
There are 2,136 capital city auctions scheduled to take place this week, increasing from 1,591 last week, although predicted auction volumes are lower than the same week last year, when 2,347 auctions were held.
In Melbourne and Sydney, auction activity is set to rise week-on-week, with 1,005 auctions scheduled to be held in Melbourne and 807 properties set to go to auction across Sydney, there is only a slight difference in the number of auctions this week compared to the corresponding week last year, when 1,105 and 800 auctions were reported.
Across the smaller markets, auction activity is set to be lower this week compared to last week, and also lower than the same week last year.
Capital city auctions this week:
- Sydney: 807
- Melbourne: 1005
- Brisbane: 112
- Adelaide: 84
- Perth: 41
- Canberra: 80
Richmond in Vic is the busiest individual suburb for auctions across the nation this week, with 21 residential homes set to go under the hammer, followed by Glen Waverley also in Vic with 18, Cronulla (NSW) with 14, Randwick (NSW) and Brunswick (Vic) both set to hold 13 auctions.
Summary of last week’s results:
The combined capital city final auction clearance rate increased to 73.2 per cent last week, up from the previous week when the final clearance rate fell to 68.8 per cent, with the number of auctions increasing significantly (1,591), compared to 881 the previous week. Both clearance rate and auction volumes were higher than the corresponding week last year when a clearance rate of 71.8 per cent was recorded across 1,400 auctions.
Last week saw Melbourne’s final clearance rate fall to 75.9 per cent, from 77.7 per cent the previous week. Across Sydney, the final clearance rate rose to 80.7 per cent, up from 72.3 per cent the previous week. Both Melbourne and Sydney saw an increase in the number of auctions held over the week (556 and 640).
Across the smaller auction markets, clearance rates increased in Adelaide and Canberra, while Brisbane and Perth saw a decrease, and Tasmania remained the same.
The Hunter region was the busiest non-capital city region last week, with 76 auctions; however Geelong recorded the strongest clearance rate at 76.9 per cent.
