CoreLogic National Auction Preview, week ending 26 February 2017

The number of auctions are set to increase across the combined capital cities this week, with 3,122 currently being tracked by CoreLogic, up from 2,291 last week. In both Sydney and Melbourne, the two major auction markets, auction activity has increased this week, with 1,555 Melbourne auctions scheduled and 1,142 homes set to be taken to auction across Sydney. Auction activity is currently higher that what was seen over the corresponding week last year, when 2,701 auctions were held across the combined capital cities.

Outside of Sydney and Melbourne, each of the remaining capital cities is set to see a higher number of auctions this week compared to last week. 161 auctions are set to take place in Brisbane this week, 44 more than the previous week.

Capital city auctions this week:

• Sydney: 1,142
• Melbourne: 1,555
• Brisbane: 161
• Adelaide: 114
• Perth: 44
• Canberra: 95

The three busiest suburbs for auctions this week are all in Melbourne with Reservoir (28), St Kilda (26) and Elwood (20) topping the list. The busiest suburb for auctions outside of Melbourne is Sydney’s Mosman, with 18 auctions scheduled.

Summary of last week’s results:

Last week saw the final auction clearance rate increase to 74.9 per cent, up from 73.2 per cent the previous week. Auction volumes were significantly higher last week with 2,291 auctions held, compared to 1,591 the week prior. Over the same week last year, auction volumes were higher with 2,701 auctions held however the clearance rate was a lower 71.4 per cent.

Sydney’s clearance rate last week was 80.6 per cent, the strongest result of any capital city, followed closely by Canberra, where 80.2 per cent of auctions were successful. Melbourne recorded a clearance rate of 75.7 per cent last week, similar to the 75.9 per cent recorded over the previous week, however auction volumes almost doubled with 1,091 auctions held across the city, up from 556 over the week prior.

Across the remaining capital cities, Adelaide, Brisbane and Tasmania all saw clearance rates fall over the week, while Perth increased from 25.0 per cent to 31.0 per cent last week.

The Gold Coast was the busiest non-capital city region last week, with 61 auctions; however the Sunshine Coast recorded the strongest clearance rate at 73.3 per cent.