Auction volumes hit 6-month high

There were a total of 1,791 auctions held last week, the highest number of auctions held since the week before Easter.

CoreLogic’s latest Property Market Indicator found that there were 1,791 homes scheduled for auction across the combined capital cities last week (ending 22 November).

Of the 1,442 results collected so far, 73.6 per cent were successful. 

This numbers are not only a substantial increase from the 1,728 auctions held the week before, but are actually the highest number of auctions held in the last six months (since the week before Easter, ending 5 April). 

However, preliminary figures indicate that the clearance rate weakened over the previous week’s higher preliminary figure of 75.1 per cent (which was later revised down to 70.6 per cent at final figures).

One year ago, a much higher 2,612 homes went to auction, but a lower percentage (68.5 per cent) cleared. 

Looking at the capital cities, Melbourne’s volumes increased over the week, with 632 properties scheduled to go under the hammer. Of the results collected so far a preliminary clearance rate of 77.1 per cent was recorded, which was higher than both the previous week and last year’s clearance rate. However, volumes are only half of that seen last year.

In Sydney, there were 807 homes taken to auction over the week, with preliminary figures showing that 76.2 per cent were sold, lower than the previous week’s preliminary figure of 76.6 per cent, when volumes were a higher 840. 

One year ago, 940 Sydney homes were auctioned returning a final clearance rate of 76 per cent.

Across the smaller cities, Canberra recorded the highest preliminary clearance rate, coming in at 82.4 per cent, followed by Brisbane (59.7 per cent), Perth (4.4 per cent), and Adelaide (41.2 per cent).

Home values

CoreLogic also found that all major capital cities, including Sydney, Melbourne, Brisbane, Adelaide and Perth, saw an increase in home values over the week, with Adelaide seeing the highest increase at 0.5 per cent, followed by Perth with 0.4 per cent.

Looking across the month, Adelaide saw the highest increase in the four weeks (at 0.9 per cent), followed by Perth (0.6 per cent), Brisbane (0.5 per cent), and Sydney and Melbourne (at 0.1 per cent each). 

Looking at the year-to-date change, Adelaide still saw the highest increase at 0.9 per cent, followed by Perth with 0.8 per cent, Melbourne with 0.6 per cent and Brisbane with 0.5 per cent. Sydney saw the lowest monthly price hike at 0.2 per cent.

As of the most recent four-week period, capital city private treaty median price was highest in Sydney and Melbourne for both houses and units, with median house prices at $831,250 and $695,000, and median unit prices at $646,750 and $564,000, respectively.

Darwin has replaced Perth as the most affordable capital city for houses and units, with median prices at $465,000 and $319,000, respectively.

Private treaty sales represent around 85 per cent of all dwelling sales across the country, according to CoreLogic.

Meanwhile, average time on market for houses was longest in Darwin at 57 days, followed by Brisbane (51), Perth (47), Adelaide (35), Sydney (35) and Canberra (34). Melbourne and Hobart had the shortest time on market at 30 days. For units, Darwin also recorded the highest number at 84 days, while Hobart was also the lowest at 26 days.

Vendor discounting for houses was highest in Adelaide and Perth at -2.5 per cent and lowest in Canberra at -1.6 per cent. For units, vendor discounting was highest in Brisbane at -2.8 per cent and lowest in Canberra at -1.4 per cent.

From Mortgage Business

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