Tag: CoreLogic

Volumes Rise Across the Combined Capital Cities Returning a Preliminary Clearance Rate of 70.3%

From CoreLogic.

There were 2,490 auctions held across the combined capital cities this week, up from 2,258 last week, making it the busiest week for auctions since the beginning of June. Based on preliminary results, the combined capital city clearance rate was recorded at 70.3 per cent this week, up from 66.9 per cent last week, although this will likely revise lower over the next few days as the remaining results are collected. Over the corresponding week last year, auction volumes were lower, with 2,149 properties taken to auction and a clearance rate of 76.2 per cent was recorded. Melbourne had the highest number of auctions this week, with 1,268 auctions held, and a higher preliminary clearance rate week-on-week (73.6 per cent), while the highest preliminary clearance rate was recorded in Adelaide (75.0 per cent across 72 reported auctions).

2017-09-18--auctionresultscombinedcapitals

Preliminary Results Show 70.2% of Auctions Successful

From CoreLogic.

Preliminary figures show 70.2 per cent of auctions were successful across the combined capital cities, while auction activity increases week-on-week.

The combined capital city preliminary clearance rate increased to 70.2 per cent this week, after last week’s revised final clearance rate fell to 66.4 per cent, which was not only the lowest combined capital city clearance rate so far this year, down -0.1 per cent from the previous low seen over the week ending 25 June 2017 (66.5 per cent), but the lowest clearance rate since June 2016 across the combined capitals. It will be interesting to see what the final clearance rate looks like on Thursday once the remaining records have been captured. Auction volumes increased week-on-week with 2,225 properties taken to auction this week, up from 2,074 last week, and higher than this time last year (2,062).

2017-09-11--capitalcityauctionresults

Auction Volumes Fall Across the Combined Capital Cities Leading into Spring

From CoreLogic.

The combined capital city preliminary clearance rate increased to 70.0 per cent this week, up from 68.3 per cent last week, while auction volumes fell week-on-week. There were 2,060 properties taken to auction this week, down from 2,270 last week, although higher than this time last year, when 1,899 auctions were held and a clearance rate of 77.1 per cent was recorded.

The final clearance rate across the combined capital cities has been sitting in the mid-high 60 per cent range since June and it is likely that this will be the case again on Thursday when our final results are published. All but two of the capital cities saw the clearance rate increase week-on-week.

2017-09-04--auctionresultscombinedcapitalcities

Are Sydney Home Prices Leading The Turn?

Corelogic has released their new hedonic home value index for August. They report a 0.1% rise across the capital cities, while regional values fell 0.2%.

This was the lowest rolling quarterly gain since June last year. Sydney’s rolling 3 month gain was just 0.3%, with a 13% annual rise. Melbourne was 1.9% in the quarter with 12.7% over the year and Hobart led the pack at 13.6%. Perth and Darwin continue to fall.

So the question now is, will the spring surge in sales, and lower mortgage rates support prices, or will we see a fall in the next few months? One other question of course is whether there are series breaks in the CoreLogic data given the revised method. We shall see in the months ahead.

CoreLogic says:

The hedonic imputation approach  – Hedonic regression is a statistical technique that measures the relationship between values of residential real estate and the observed values of its characteristics, for example attributes that encompass its geographic location and property features, such as number of bedrooms and bathrooms etc. The hedonic imputation index model essentially estimates the value of every property each day, using the coefficients derived using hedonic regression, and describes the daily movements in the value of the residential real estate portfolio.

They describe the methodology here. 

 

Auction Volumes Rise Across the Combined Capital Cities

From CoreLogic.

Auction activity increased across the combined capital cities this week, with 2,239 homes taken to auction; the largest number of auctions held since the first week of June. The larger volume of auctions returned a preliminary auction clearance rate of 71.1 per cent, up from last week’s final results when 2,064 auctions were held and 69.8 per cent cleared.

Over the corresponding week last year, the clearance rate was 74.5 per cent and 2,153 auctions were held. It is expected as more results are collected that the final auction clearance rate will revise lower to remain within the high 60 per cent range, where clearance rates have been tracking since early June. Melbourne saw a higher volume of auctions this week (1,116), however the clearance rate for the city fell to 73.8 per cent, while Sydney’s preliminary clearance rate increased to 71.6 per cent across a higher volume of auctions week-on-week (814).

2017-08-28--auctionresultscapitalcities

Preliminary Clearance Rate Increases to 71.7%, While Auction Volumes Remain Steady

From CoreLogic.

This week across the combined capital cities, the preliminary auction clearance rate rose to 71.7 per cent, up from last week when the final clearance rate fell to 67.5 per cent. There were 2,041 capital city auctions this week, virtually unchanged from last week’s 2,040 auctions as well as being higher than the 1,795 auctions held one year ago.

Volumes continue to track higher than what was seen over the corresponding July-August period last year. Across the two largest markets, Melbourne’s preliminary clearance rate rose this week (77.7 per cent), after last week’s final results saw a weakening in the rate of clearance, falling below 70 per cent for the first time since July 16 (69.8 per cent), while Sydney’s clearance rate also improved up to 70.8 per cent this week, however volumes were lower week-on-week in Sydney, while Melbourne held more auctions this week than last.

2017-08-21--CapitalCityAuctionResults

Million Dollar Sales at Record Levels

From CoreLogic.

The cost of housing has continued to rise across most parts of the country over the past 12 months, pushing the proportion of homes selling for at least one million dollars to new record highs.  Bracket creep should come as no surprise in markets like Sydney and Melbourne where dwelling values have increased by 77% and 61% respectively over the past five years.  While the rise in housing values has been most pronounced in Sydney and Melbourne, most other capital cities and regional areas have also seen a proportional lift in home sales over the million dollar mark.

Over the 12 months to June 2017, 15.4% of all house sales and 8.8% of all unit sales nationally were at a price of at least $1 million.  By comparison, 12 months earlier 14.4% of all house sales and 7.5% of all unit sales were at least $1 million in value.

Annual % of sales of at least $1 million,
National

2017-08-14--annual%ofsalesofatleast$1million,national

 

The instances of dwellings selling for at least $1 million is much more prevalent across the combined capital cities.  Over the 12 months to June 2017, 23.2% of all houses and 10.8% of all units sold in capital cities were sold for at least $1 million.  The proportion of sales of at least $1 million has increased over the year from 21.5% of houses and 9.1% of units.

Auction Volumes Rise to Highest Level in 6 Weeks

From CoreLogic.

Across the combined capital cities this week, the number of homes taken to auction rose to 2,011, compared with 1,857 over the previous week.  This was the largest number of auctions held since the last week of June 2017 and approximately one third higher compared with the same week a year ago.

The preliminary auction clearance rate of 70.5 per cent has increased relative to last week’s final clearance rate, up from 68.2 per cent.  However as more results are collected it is expected that the final auction clearance rate will revised lower to remain within the high 60 per cent range where it has tracked since the first week of June.

Over the corresponding week last year, the clearance rate was 75.0 per cent and 1,471 auctions were held. In Sydney, the preliminary clearance rate rose to 72.0 per cent, which was higher than Melbourne’s preliminary clearance rate of 71.0 per cent.  Afar Melbourne has remained the stronger performer for many weeks it is possible that Melbourne’s final clearance rate could drop below the 70 per cent mark for the first time since July last year.

2017-08-14--AuctionResultsCapitalCities

First Week of August Returns a Preliminary Auction Clearance Rate of 71.5 per cent

From CoreLogic.

The first week of August saw fewer auctions held across the combined capital cities, with 1,846 held, down from the 1,987 auctions held the previous week, however higher than the 1,540 auctions one year ago. The preliminary auction clearance rose to 71.5 per cent, after the previous week saw the final auction clearance rate fall slightly to 68.7 per cent (revised lower from a preliminary clearance of 70.7%).

Over the last month, auction volumes have remained relatively steady and while clearance rates have shown a softening, final results have been consistently in the high 60 per cent range since the first week of June. Across the two larger auction markets, Melbourne continues to show resilience to softening conditions relative to Sydney, with Melbourne’s clearance rate sitting in the mid-high 70 per cent range for another week (75.7 per cent), while Sydney’s preliminary auction clearance rate increased over the week (71.5 per cent). Last week Sydney recorded its lowest rate of clearance so far this year (65.4 per cent).

2017-08-07--CapitalCityAuctionResults

Auction volumes increase over the last week of July

From CoreLogic.

The combined capital city preliminary clearance rate was recorded at 70.7 per cent this week, up slightly from last week, when the final clearance rate was recorded at 69.9 per cent.

Auction clearance rates have seen a slight improvement across the combined capital cities over the month of July, with the final clearance rate over the last two weeks just falling short of the 70 per cent mark. Auction volumes were higher this week with 1,957 homes taken to auction across the combined capital cities, up from 1,748 last week, and higher than this time last year when 1,610 auctions were held. Perth and Tasmania were the only cities where auction volumes fell over the week.

There were 943 auctions held in Melbourne this week with a preliminary clearance rate of 77.2 per cent, increasing from a final clearance rate of 73.8 per cent last week across 833 auctions. Over the same week last year, Melbourne’s clearance rate was 75.3 per cent across 754 auctions. Of the 9 Melbourne sub-regions, 5 recorded clearance rates above 80.0 per cent, with the highest clearance recorded across the Mornington Peninsula, with preliminary results showing 87.2 per cent of the 39 results were successful, followed by the North West where 81.3 per cent of auctions cleared.

In Sydney, 704 properties were taken to auction this week with a preliminary clearance rate of 68.0 per cent. Last week, the final clearance rate for the city was 70.3 per cent across 625 auctions, after sitting below the 70 per cent mark for the previous 6 weeks, so it will be interesting to see what the final clearance rate is like on Thursday. One year ago, 509 Sydney homes were taken to auction and the clearance rate was 78.0 per cent. This week, the performance across Sydney’s individual sub regions was mixed. Across the South West region, where 47 of the 50 results have been reported so far, the preliminary clearance rate was 40.4 per cent, while across the Eastern suburbs (90.0 per cent) and Inner West (81.8 per cent) regions, the success rate of reported auctions was much higher.