Anzac Day shifts focus away from auctions this weekend: Shana Miller

GUEST OBSERVATION

Given that Anzac Day falls on Saturday this year, traditionally the busiest day for auctions, the number of auctions being held this week is much lower than usual.

Currently CoreLogic RP Data is expecting 433 capital city auctions to take place during the week ending 26 April, with just 591 held nationally. At the same time last year, there were 881 capital city auctions held.

In Melbourne, 143 homes will be taken to auction this week. Last week, Melbourne’s final auction clearance rate was recorded at 79.5%, with 1,266 auctions held across the city. Melbourne’s clearance rate last week was the second highest on record this year, with the highest recorded over the Easter weekend, when volumes were considerably lower.

Last week, Sydney’s final auction clearance rate came in at 87.0% across 988 total auctions. This is the highest clearance rate on record for the city, with nine of the top ten clearance rates on record for the city having occurred this year. There will only be 174 auctions held across Sydney this week, with the majority of the auctions held prior to the weekend, given the Anzac Day commemorations.

There are 31 Brisbane auctions currently being tracked by CoreLogic RP Data, down significantly from 140 last week, when the final auction clearance rate was 46.4%.

Adelaide’s final auction clearance rate for last week was 69.7%, with 97 auctions held over the week and 76 results reported. There will be 54 auctions held across the city this week, with the majority of the auctions held on weekdays and on Sunday.

There are 22 Canberra auctions scheduled this week, down from 65 last week. 65.6% of Canberra’s auctions that were reported last week were successful at auction, with Canberra’s auction success rate becoming increasingly strong.

In Perth, 36 auctions were held last week and the clearance rate fell to 28.6%. This week, there are only six auctions scheduled across Perth.

The busiest suburbs for auctions this week are Bondi Beach in Sydney and Surfers Paradise in Queensland’s Gold Coast. Both suburbs have six auctions being held this week.

Shana Miller is a research analyst at RP Data.