Slow auction week ahead as clearance rates rise: RP Data

For the week ending October 28, 2012, the combined capital city auction clearance rate was recorded at 57.9%, an increase from 51.4% the previous week. Across the capital cities, there were 2,321 auctions held over the past week, which is significantly higher compared to the previous week. At the same time last year, auction volumes were lower; just fewer than 1,600 auctions held across the capitals. The clearance rate was also much lower, recording at 44.9%.

In Melbourne, Australia’s largest auction market, the clearance rate was recorded at 63.7% last week, increasing from 57.5% the week prior. There were 1,196 auctions scheduled over the past week. Next week, there are 163 auctions scheduled across Melbourne. In Sydney, auction clearance rates increased to 61.4% last week from 53.6% the week prior.

Over the coming week, there are 1,130 auctions scheduled across the capital cities, which will be a slow auction weekend due to the Melbourne Cup public holiday in Victoria.