CoreLogic RP Data auction market preview

Last week was the busiest week for auctions for the year with 3,729 capital city auctions held. The final auction clearance rate was 60.1%.

Auction volumes this week are set to fall, however, the auction markets will still be busy with CoreLogic RP Data currently tracking just over 3,300 auctions across the capitals.

Over the 2015 year to date, there have been 7 weeks where over 3,000 auctions have been held across the capital cities.

Last week’s final auction clearance rate was recorded at 60.1 %, with 3,388 results reported, showing that over 90 % of all auction results were captured.

The capital city clearance rate for Spring was 65.5 %, compared to 68 % for Spring 2014.

Sydney’s auction clearance rate last week fell to 56.2 % for the ninth consecutive week and shows that Sydney’s clearance rate is now much lower than last year at 70.6 % over the week.

Despite the weaker result, there were still pockets in Sydney where the clearance rate maintained strength last week.

Across the Eastern Suburbs, 73.7 % of reported results were successful, while Ryde (69.4 %), North Sydney and Hornsby (64.4 %) and Sutherland (63.6 %) each performed well above the city-wide bench mark.

This week, Sydney expects to host 1,088 auctions, lower than both last week and last year (1,294).

Across Melbourne 1,670 auctions are scheduled this week, compared to 1,876 last week and 1,733 one year ago.

Melbourne’s final auction clearance rate for last week was 65.9 %, the highest of any capital city.

The best performing Melbourne sub-regions were Inner Melbourne and Outer South Yarra property, both of which recorded a clearance rate above the 70 % mark.

For Brisbane, last week’s clearance rate was 47.3 % and 210 auctions are scheduled for this week.

Adelaide’s final auction clearance rate was 58 % last week, falling from 64.4 % the previous week.

CoreLogic RP Data is currently expecting 137 auctions to be held across the city this week.

There are 85 Perth auctions scheduled this week, which will be the busiest for the city so far this year.

Perth’s clearance rate last week was 36 %, with 50 results reported and a total of 60 auctions held.

Across Canberra, 122 auctions will be held this week, compared to 98 last week and 87 last year. Canberra’s clearance rate was 50.6 % last week, the weakest result for the city since December last year.

Mount Waverley, Reservoir and Glen Waverley, all in Melbourne will each host 24 auctions this week, the most of any individual suburb nationally.

 Capital city weekend auctions:

• Sydney: 1,088

• Melbourne: 1,670

• Brisbane: 210

• Adelaide: 137

• Perth: 85

• Canberra: 122

Kevin Brogan is manager, valuation policy and compliance at CoreLogic RP Data.