CoreLogic National Auction Preview, week ending 9 April 2017

Upcoming auctions

The combined capital cities are set to see a significant increase in auctions over the week, with 3,275 scheduled to take place, up from last week’s 2,657.

The number of auctions scheduled to take place this week is expected to increase across all of the capital cities with the exception of Brisbane, where activity will remain relatively steady.

The ramp up in auction activity this week is consistent to what we have seen in previous years where volumes increase in the lead up to Easter.

Over the corresponding week last year, volumes were significantly lower (1,831) as Easter weekend was in March last year.

Victoria has the busiest suburbs for auctions across the nation this week with 23 residential homes set to go under the hammer in Glen Waverley, followed by 18 each in Craigieburn, Preston and St Albans.

Summary of Last Week’s results

The combined capital city final auction clearance rate remained in the mid-70 per cent range for another week (75.9 per cent), up from the previous weeks 74.5 per cent. Auction volumes saw a decrease over the week, with 2,657 auctions held, down from 3,171 the week prior. Over the same week last year, both clearance rate and volumes were lower, when 1,582 auctions were held and a clearance rate of 66.6 per cent was recorded.

Last week saw Melbourne’s final clearance rate increase to 79.6 per cent, from 78.9 per cent the previous week. Across Sydney, the final clearance rate rose to 78.0 per cent, up from 75.8 per cent the previous week. Both Melbourne and Sydney saw a decrease in the number of auctions held over the week (1,143 and 1,104). Across the sub-regions clearance rates were mixed, with Sydney’s Inner West region reporting the highest rate of clearance of all the sub-regions (92.7 per cent).

Across the smaller auction markets, performance was mixed last week, with clearance rates improving in Adelaide, Brisbane and Perth, while in Canberra and Tasmania clearance rates fell.

The Hunter region was the busiest non-capital city region last week, with 58 auctions; however Geelong recorded the strongest clearance rate at 76.5 per cent.