Buzz across the capital city auction markets: CoreLogic RP Data's Shana Miller

Buzz across the capital city auction markets: CoreLogic RP Data's Shana Miller
Buzz across the capital city auction markets: CoreLogic RP Data's Shana Miller

The NRL and AFL grand finals, combined with a long weekend across many states last week saw auction activity take a backseat, however, this week auction volumes have more than tripled, with 3,062 residential properties going to auction across the combined capitals.

This week will be the third busiest for auctions across Melbourne this year, with 1,411 homes being taken to auction, compared to just 98 last week and 1,123 at the same time last year. Similarly, for Sydney, Australia’s second largest auction market, volumes will increase this week, with 1,230 auctions scheduled, up from 583 last week and 918 over the comparable week last year.

In all other capital cities, the number of auctions this week will also increase and volumes in each of the cities are higher relative to last year. There are 129 auctions in Adelaide this week, compared to 33 last week and 115 at the same time last year. Brisbane will be host to 186, the busiest week for the city since May this year, while there are 65 Canberra auctions scheduled and 34 across Perth.

In terms of the latest clearance rates, clearance rates fell further last week, down to 68.2 per cent across the combined capital cities, with Sydney recording a clearance rate below 70 per cent for the first time this year (69.9 per cent). With the increase in auction volumes this week it will be interesting to see how the clearance rate performs.

Mount Waverly in Victoria is host to 31 auctions this week, the highest number of auctions in any one Australian suburb. Following this is Reservoir (Vic) with 25, Glen Waverley (Vic) with 21, Mosman (NSW) and Northcote (Vic), both with 18.

Shana Miller

Shana Miller

Shana Miller is a research analyst with RP Data.

Tags: 
Auctions Residential Market

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