Auction numbers double in all capital cities as February market gains momentum: CoreLogic
The auction market will start to gather momentum coming into February after the seasonal slowdown over the holiday period, with auction numbers doubling over the week across the combined capital cities, according to CoreLogic’s latest report.
The property data firm says that there were 867 auctions being tracked by CoreLogic this week, with a preliminary clearance rate of 70.8 per cent, compared to last week’s 71.6 per cent across 368 auctions.
Although auction activity has shown a significant uplift over the week across the combined capitals auction volumes are increasing at a slower rate than what was seen over the corresponding period last year, when 916 auctions were recorded with a similar rate of clearance (70.1 per cent).
The lower volumes can be attributed to slower activity across the Sydney market, which was also evident over the same week last year, when volumes were lower over the given period compared to previous years.
While the combined capital city clearance rate returned a strong result over the week, as auction numbers continue to gather pace we will get a clearer understanding if auction trends remain as strong as they were at the end of 2016.
In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 77.5 per cent was recorded across 255 auctions this week.
This is almost double the volume recorded last week, although slightly lower than what was seen over the corresponding week last year.
Last week, Melbourne’s final clearance rate was recorded at 82.4 per cent across 137 auctions.
During this time last year, 268 properties were taken to auction across Melbourne and a clearance rate of 77.6 per cent was recorded.
The busiest Melbourne sub-regions this week were Melbourne’s West region and the South East region, where 68 and 36 auctions were held respectively.
Sydney’s preliminary clearance rate this week was 78.1 per cent across 192 auction results.
There were a total of 255 auctions held across the city.
Looking back at this weekend last year auction volumes were higher, when 313 auctions were held across Sydney and a clearance rate of 75.0 per cent was recorded.
Sydney’s North Sydney and Hornsby hosted the most auctions of any Sydney sub-region this week, with 39 properties taken to auction.
The preliminary clearance rate for the region is 82.1 per cent across 28 results.
There were 99 Brisbane homes taken to auction this week, with 67 results reported so far.
The preliminary clearance rate for the city is 58.2 per cent, down from 63.0 per cent last week and higher than one year ago, when 54.0 per cent of the 111 properties taken to auction were successful.
Across the Gold Coast 48 results have been reported so far, with a success rate of 47.9 per cent (23 sales).
A total of 143 Adelaide homes were taken to auction this week, with a preliminary clearance rate of 64.3 per cent across 84 results.
This is lower than the 70.5 per cent recorded over the corresponding week last year when 107 auctions were held across the city.
In Perth, 35 auctions took place this week, with 14 results reported so far.
Perth’s preliminary clearance rate of 28.6 per cent across these 14 results is lower than both last week’s result (38.5 per cent) and the clearance rate from one year ago (35.3 per cent).
Canberra’s preliminary auction clearance rate of 75.4 per cent this week is higher than last week, when the final auction clearance rate was 72.7 per cent and higher than the 71.4 per cent recorded last year.
There were 11 Tasmanian auctions held this week, 2 were reported as sold