Capital city clearance rates hold steady: CoreLogic RP Data's Shana Miller

Capital city clearance rates hold steady: CoreLogic RP Data's Shana Miller
Capital city clearance rates hold steady: CoreLogic RP Data's Shana Miller

Across Australia’s combined capital cities, the final auction clearance rate was 73.2% last week, remaining virtually unchanged from the 73.4% over the previous week.

The first week of spring resulted in 2,297 auctions being held across the combined capital cities, which was 21% higher than one year ago. This week, auction volumes are expected to increase further, with CoreLogic RP Data currently tracking 2,659 auctions, which is, again, significantly higher than one year ago (2,080).

Melbourne and Sydney will collectively host more than 2,200 auctions this week, with 1,180 Melbourne properties scheduled to go under the hammer and 1,084 in Sydney. Melbourne’s clearance rate fell to 75.1% last week, while across Sydney 76.9% of reported auctions were successful, while indicates an improvement on a week on week basis, but is lower than one year ago (80.1%).

All cities are expecting more auctions this week when compared to last week, while across Tasmania auctions volumes will remain steady, with 7 scheduled. The most substantial rise in scheduled auctions will be across Brisbane, up from 130 last week to 185 this week and Canberra 77 this week compared to 52 last week.

Adelaide has 91 auctions scheduled this week, while Perth has 36, both of which are similar to the same time last year.

The top three suburbs for the highest volume of auctions this week are all located in Victoria; Bentleigh East (20), Reservoir (19) and Richmond (18).

Shana Miller

Shana Miller

Shana Miller is a research analyst with RP Data.

Tags: 
Auction Clearance Rate

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