High auction volumes likely to continue until mid-December: RP Data

The combined capital city auction clearance rate was recorded at 54.4 % last week, up from 52.3% the previous week. There were 2,097 auctions held across the capital cities last week. At the same time last year, there were 2,139 auctions held, and the clearance rate was recorded at 47.5%.

Melbourne, Australia’s largest auction market, recorded a preliminary clearance rate of 60.1% last week, up from 58% the previous week and continuing to track more than 5 percentage points above the national average clearance rates. At the same time last year, Melbourne’s auction clearance rate was significantly lower at 52.1%. In Sydney last week, there were 731 auctions held and the clearance rate increased from 50% the previous week to 55.5%. At the same time last year, Sydney’s auction clearance rate was recorded at 50%.

The number of auctions scheduled for the coming week is relatively similar to the last two weeks at 2,071. In the lead-up to the Christmas period where auction volumes decrease, it is expected that each week will record high auction volumes until mid-December.