Auction Volumes To Rise In Sydney, Melbourne and Perth

This week, CoreLogic RP Data is currently tracking 2,936 auctions across Australia, with 2,296 scheduled in the capital cities.
 
GOLD COAST, Australia - April 17, 2015 - PRLog -- The coming week of auction activity will bring auction volumes back into line with where they were sitting prior to the seasonal Easter slow-down. At the same time last year, only 642 capital city auctions were held, given the seasonal effect from Easter.

The final auction clearance rate for last week confirms that Sydney’s auction market is not showing any signs of slowing down; with last week signifying the 9th week in a row in which the Sydney auction clearance rate remained above the 80% mark.

The consistently high rate of clearance highlights that there is increasingly more incentive for Sydney vendors to consider selling their home by auction. The last time an auction market was recording results this strong was towards the end of 2009 and the start of 2010, when Melbourne’s clearance rate was trending above the 80% mark.

At this time, however, the number of auctions being held across the city was lower than what is currently being experienced across Sydney.

Melbourne is set to host 1,145 auctions this week, an increase from 716 last week. Melbourne’s final auction clearance rate was recorded at 77.6% last week, strengthening when compared to the 76.2% clearance rate recorded over the first quarter of 2015.

Last week, 671 Sydney auctions were held with a final auction clearance rate of 83.4%. This week, 845 Sydney auctions are expected. The number of auctions have not returned to the volumes seen in the lead up to Easter, however, the clearance rate is maintaining strength with no signs of slowing down.

Brisbane is expecting 119 auctions this week, almost unchanged when compared to the 117 auctions held last week. Brisbane’s final auction clearance rate was recorded at 54.4% last week, a strong result for the city. Over the March 2015 quarter, Brisbane’s auction clearance rate was recorded at 46.5%, having improved from 44.3% over the final three months of last year.

This week, Adelaide has 85 auctions scheduled, up only slightly from 83 last week. While Adelaide recorded a strong preliminary auction clearance rate this week, as additional results were reported the clearance rate revised down to 68.6%, which is trending in line with what was observed over the few weeks leading up to the Easter slow down.

Canberra has 56 auctions scheduled this week, compared to 53 last week, when a final clearance rate of 72.7% was recorded.

There are 32 Perth auctions scheduled for this week, up from 24 last week. Over the same week last year, Easter brought the volume of Perth auctions down to virtually nothing, with just 3 homes taken to auction over the seven day period.

Nationally, the two suburbs with the most auctions scheduled this week are both located in Melbourne. The neighboring suburbs of Glen Waverley and Mount Waverley each have 17 auctions scheduled to take place on Saturday.

Source: Shana Miller is a research analyst at RP Data.

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