Busy auction weekend ahead, with clearances increasing: RP Data

Over the coming week, there are 1,919 auctions scheduled across the capital cities, which equates to a busy auction week.

In the week ending November 4, 2012, the auction clearance rate for the combined capital cities was recorded at 55.2%, increasing from the previous week’s clearance rate of 53.1%, according to RP Data.

Across the capital cities, there were 1,142 auctions held over the past week, which is lower than the previous week.

At the same time last year, the number of auctions held was just under 1,600 auctions across the capitals.

The clearance rate over the past week was recorded at a much higher rate than the same time one year ago, when it was recorded at 44.2%.

In Melbourne, Australia’s largest auction market, the clearance rate was recorded at 60% last week, a decrease from last week’s clearance rate of 61.5%. There were 161 Melbourne auctions scheduled over the past week given the Melbourne Cup carnival distraction.

This weekend there are around 800 auctions scheduled across Melbourne.

In Sydney, auction clearance rates increased to 60% last week from 55.6% the week prior. There are about 550 Sydney auctions this weekend.