Weekend auction numbers steady: CoreLogic RP Data's Shana Miller
The number of auctions due to be held across the capital city markets this week will remain relatively steady, with CoreLogic currently tracking 1,758 auctions, down from 1,876 last week.
In Australia’s largest auction market of Melbourne, 778 auctions are scheduled this week, following a higher 871 last week, while in the second largest auction market of Sydney, the number of auctions being held this week (669) is higher relative to last week (647).
Last year, 2,599 auctions were held over the comparable week, which is substantially higher than the activity CoreLogic is tracking this week. This is reflective of what has been seen across the auction market so far this year. Over the 2016 calendar year to date, 29,426 capital city auctions have been held, compared to 32,616 over the same period last year.
Capital City Auctions this week:
This week, Mosman in Sydney is the busiest individual suburb for auctions, with CoreLogic tracking 16 auctions so far this week. Following Mosman are three Melbourne suburbs, Glen Waverley and Richmond, with 13 auctions scheduled and Thomastown with 12 auctions.
Summary of last week’s results:
Final results show that clearance rates strengthened last week, up from 67.7 per cent the previous week to 69.5 per cent, bringing the combined capital city clearance rate back in line with results seen towards the end of last month. The latest result marks the seventh consecutive week where the capital city clearance rate was under the 70 per cent mark, however this isn’t the case for Melbourne (71.3 per cent) and Sydney (76.2 per cent), where clearance rates were above 70 per cent for the sixth week in a row for Melbourne and the fourth week in a row for Sydney.
Last week, in each of the smaller capital city markets, clearance rates were up on a week-on-week basis.
Looking at some of the key regional auction markets, clearance rates were strongest in Wollongong (73.9 per cent) and Geelong (80.8 per cent) last week, however the number of auctions held in both regions was lower than over the previous week. In the two Queensland lifestyle markets of the Gold Coast and Sunshine Coast, less than half of all reported auctions cleared last week.
