National auction activity slowing: CoreLogic RP Data's Shana Miller

National auction activity slowing: CoreLogic RP Data's Shana Miller
National auction activity slowing: CoreLogic RP Data's Shana Miller

After over 2,000 capital city auctions were held each week for the past two weeks, auction activity has fallen this week, with 1,718 capital city auctions scheduled.

While auction volumes are lower in each of the capital city markets, Adelaide, with 92 auctions this week compared to 94 last week and Canberra, with 47 auctions this week compared to 50 last week have seen the number of auctions held week-on-week remain relatively steady (down less than 10 percent compared to last week).

On the other hand, in the two busiest auction markets, the number of auctions currently being tracked by CoreLogic shows a more substantial fall, with Sydney volumes down around 16 percent and Melbourne auction activity falling by 29 percent.

Capital City Auctions this week:

  • Sydney: 567
  • Melbourne: 821
  • Brisbane: 140
  • Adelaide: 92
  • Perth: 43
  • Canberra: 47

The busiest individual suburbs for auctions this week are all in Melbourne and located to the south-east of the city, with 14 auctions scheduled in Richmond and 13 auctions scheduled in Glen Iris, Glen Waverley and Mount Waverley.

Summary of last week’s results:

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National auction activity slowing: CoreLogic RP Data's Shana Miller

The final auction clearance rate fell for the third consecutive week last week, down to 67.7 per cent from 69.4 per cent the previous week and 69.7 per cent the week prior to that. Both Melbourne and Sydney maintained a clearance rate above the 70 per cent mark last week, at 73.2 per cent across Melbourne and 71.8 per cent in Sydney. Melbourne’s clearance rate represented a slight fall from the previous weeks result of 73.5 per cent, while Sydney’s clearance rate was virtually unchanged, up only slightly from 71.7 per cent the previous week.

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National auction activity slowing: CoreLogic RP Data's Shana Miller

In all other cities, clearance rates fell over the week, while across Tasmania, both the clearance rate and volume of auctions were up week-on-week.

Outside of the capital city auction markets, regional markets saw a varied performance last week. On a week-on-week basis, clearance rates rose in Hunter, Wollongong and Geelong, while the two Queensland regions monitored, the Gold Coast and Sunshine Coast recorded a fall in clearance rates (and auction volumes) over the week.

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20160512 sub-region table

 

Shana Miller

Shana Miller

Shana Miller is a research analyst with RP Data.

Tags: 
Auctions Clearance Rate

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