Low auction volumes for the second week: CoreLogic RP Data's Shana Miller

Low auction volumes for the second week: CoreLogic RP Data's Shana Miller
Low auction volumes for the second week: CoreLogic RP Data's Shana Miller

The number of auctions scheduled across Australia’s capital cities is relatively low this week, again driven by the school holidays.

Across the combined capital cities, CoreLogic RP Data is currently tracking 1,705 auctions this week, slightly higher than the 1,674 last week, but far fewer than the preceding three weeks. Last week, the final auction clearance rate across the combined capitals was 76.8%, remaining steady when compared to the previous week (76.9%). So far this year, the auction clearance rate has been much higher than at the same time last year, with last week being no exception.

Currently, CoreLogic RP Data is tracking 660 Melbourne auctions, only slightly higher than last week, when there were 640 auctions across the city and higher than at the same time last year (567). Last week, 78.6% of the reported auctions across Melbourne were successful; this was the fourth consecutive week in a row where Melbourne’s clearance rate was below the 80% mark.

There are 796 Sydney auctions planned this week, up from 734 last week and much higher than the 580 at the same time last year. For the second week in a row, Sydney’s auction clearance rate was recorded at 82.0% last week.

Across Brisbane, 120 auctions are scheduled this week, after there were 115 Brisbane auctions last week and 118 at the same time last year. Last week, Brisbane’s clearance rate was 63.5%, the strongest result for the city since February, and the second highest clearance rate for 2015.

Much like Sydney and Melbourne, Adelaide’s clearance rate was steady last week, at 69.3%, down only slightly from 69.9% the previous week. There are 66 Adelaide auctions scheduled for the coming week, lower than last week and last year (both 85).

Canberra has 31 auctions set to take place this week, down from 58 last week and 41 last year.

Across Perth 22 homes will be taken to auction over the week, compared to 35 last week and 24 last year.

This week, the highest number of auctions across any one individual suburb will be in the Victorian suburb of Reservoir (15), followed closely by New South Wales’ Blacktown (14) and Queensland’s Surfers Paradise (14).

Shana Miller

Shana Miller

Shana Miller is a research analyst with RP Data.

Tags: 
Auction Volume

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