Capital city property auction volumes increase: CoreLogic RP Data's Shana Miller

Capital city property auction volumes increase: CoreLogic RP Data's Shana Miller
Capital city property auction volumes increase: CoreLogic RP Data's Shana Miller

There are 1,822 capital city auctions scheduled this week which is an increase from 1,704 last week. The final auction clearance rate was recorded at 74.9% and was the lowest combined capital city result since the first week in March, when across the combined capitals, 74.5% of reported auctions were recorded as sold.

Across Melbourne, there are 759 auctions scheduled this week which represents a significant increase from last week when there were 655 auctions across the city and higher than last year’s auctions at 674. Melbourne’s final auction clearance rate for last week was 77.4%.

Currently, CoreLogic RP Data is tracking 795 Sydney homes to be taken to auction this week, similar to the volumes seen last week when there were 791 auctions across the city. Last week Sydney’s clearance rate was 78.8%; the lowest result for the city since the final week in January when only 154 Sydney homes were taken to auction and the clearance rate was 77.9%. This is also the first time in 22 weeks where Sydney’s clearance rate has dropped below 80%. Given the strong performance of the Sydney auction market this year, there is likely to be even further interest toward upcoming auctions this week.

There will be 112 Brisbane auctions this week, down slightly from 123 last week and 116 at the same time last year. Last week, 52.5% of Brisbane properties taken to auction were sold.

79 Adelaide homes are being taken to auction this week, up from 69 last week and also higher than over the corresponding week last year (67). Adelaide’s clearance rate fell to 66.1% last week, after having been recorded above the 69% mark over the previous two weeks.

In Canberra, 45 residential properties will be taken to auction this week, compared to 31 last week and 48 last year.

Across Perth, 22 auctions are scheduled this week after there were 26 in the city last week and 16 over the same week one year ago.

Across Australia’s individual suburbs, the highest volume of auctions this week is in Victoria’s Mount Waverley, where 13 auctions are scheduled, followed by Randwick (NSW) and South Yarra (Vic) with 12 auctions.

Shana Miller

Shana Miller

Shana Miller is a research analyst with RP Data.

Tags: 
Auctions

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