NATIONAL AUCTION MARKET PREVIEW – APRIL 14
AUCTION THIS WEEK-
Richmond a suburb in Melbourne, is planned to be the busiest place to for auctions this week with 21 homes, that are expected to go under the pump. Sydney’s suburbs Leichhardt has 16, followed by Maroubra 15 and Mosman with 14.
UPCOMING AUCTIONS –
The auction volumes are expected to increase across the combined capital cities this week with CoreLogic currently tracking 2,166 auctions, increasing from both last week (1,976) and this time last year (1,915).
It’s the last week for auction before the Easter break where the actions drop remarkably down. But the volume has increased over the week, they are remarkably lower than the week prior to Easter in 2018 when we saw the highest volume of auction on record (3,990).
Melbourne is expected to see around the 900 mark for homes to be auctioned this week, like both last week (892) and last year (873). In comparison to the week prior to Easter last year 2018 we saw 2,071 held across the city.
Sydney is also expected to reach around the 900 mark for auctions this week, increasing to both last week (742) and last year (795). The lead up to Easter last year 2018, saw 1,383Sydney homes taken to auction.
Across the smaller auction markets, Brisbane and Adelaide are expected to see a growth in auctions volumes week-on-week, while the activity is set to be somewhat lower in Canberra and Perth. Tasmania is not expected to see change in auction volumes this week-on-week.
SUMMARY OF LAST WEEKS RESULTS –
1,976 homes last week were taken through to auctions across the combined capital cities, returning a final auction clearance rate of 52.6%, which is the best clearance we have had this year. But in comparison, the previous week we saw 2,164 homes taken to auction and a clearance rate of 50.9% was recorded. One year ago, there was 1,839 actions held across the combined capital cities with a 62.8% success rate.
Melbourne saw about 892 homes taken to auction last week, down from 978 to the previous week and 723 over the same time last year. The final clearance rate for Melbourne has increased from 52.1% over the previous week to 55.4% last week, the highest clearance rate within the cities has seen since the end of September 2018.
742 homes in Sydney, went to auction across the city last week giving a final clearance rate of 54.9%. In comparison, 801 homes were taken to auction over the previous week which the clearance rate came back as 54.3%. Over the same week last year 795 auctions were held in Sydney whilst the clearance rate was stronger 62.9%.
Across the smaller auction markets, Canberra was the only city to see a difference in their clearance rates over the week-on-week.
The non-capital city auction markets, the Gold Coast had the highest volume auction rates (62) last week, but Geelong region was the best performer in terms of the clearance rates 61.1% of the reported auctions recording a successful result.