Melbourne set for about 750 auctions as auction clearances fall slightly: RP Data

Auction clearance rates across the combined capital cities fell slightly over the week to 55.4%, compared with 56% the previous week. There were 1,494 auctions held across the capitals last week, which was up from 1,344 over the previous week. In comparison to last year, clearance rates continue to track much higher. The current clearance rate is almost 10 percentage points up on the clearance rate of 45.5% recorded over the same week in 2011.

Across Australia’s largest auction market, Melbourne, clearance rates were down from 60.9% the previous week to 57.5% last week. Auction volumes, on the other hand, increased across the city, with 686 auctions held last week, compared with 567 the week prior.

In Sydney, clearance rates improved over the week from 57.8% the previous week to 61% last week. Auction volumes remained relatively steady, with 536 auctions held in Sydney last week, up only slightly from 519 the week prior.

It is expected that there will be almost 1,600 auctions held across the capital cities next week.

Source: RP Data