Adelaide the standout mover in capital city auction volume: CoreLogic RP Data's Shana Miller

Adelaide the standout mover in capital city auction volume: CoreLogic RP Data's Shana Miller
Adelaide the standout mover in capital city auction volume: CoreLogic RP Data's Shana Miller

For the fifth consecutive week, CoreLogic RP Data is expecting over 3,000 auctions to be held across the combined capital cities, with 3,028 scheduled this week, down from 3,252 last week and the year’s record number of auctions the previous week (3,729).

There will be less capital city auctions this week, relative to last year, when there were 3,511 over the corresponding week.

Despite auction volumes falling on a broad capital city level, the same cannot be said for Adelaide, the only capital city where auction volumes are set to rise, with 151 Adelaide auctions scheduled this week, compared to 138 last week.

Melbourne auction volumes, down from 1,622 last week to 1,601 this week, have remained relatively steady, while across Sydney, auction activity will be significantly lower this week (902), compared to last week (1,070).

Capital City Auctions this week:

  • Sydney902
  • Melbourne: 1,601
  • Brisbane: 179
  • Adelaide: 151
  • Perth: 61
  • Canberra: 116

Summary of last week’s results:

Click to enlarge

Adelaide the standout mover in capital city auction volume: CoreLogic RP Data's Shana Miller

Click to enlarge

Adelaide the standout mover in capital city auction volume: CoreLogic RP Data's Shana Miller

Last week, the combined capital city final auction clearance rate was recorded at 57.3%, the lowest reading since February 2013. Much of the overall weakness was driven by Sydney, where only 52.9% of the reported auctions were sold last week, dropping from 56.2% the previous week.

Melbourne’s final auction clearance rate was 63.3%, over 10 percentage points higher than Sydney’s, but still lower than the cities result over the week prior (65.9%).

Adelaide was the only other capital city where the final auction clearance rate didn’t fall below 60%. There were 130 Adelaide auctions reported from a total of 138 that were held.

Click to enlarge

Adelaide the standout mover in capital city auction volume: CoreLogic RP Data's Shana Miller

 

Shana Miller

Shana Miller

Shana Miller is a research analyst with RP Data.

Tags: 
Auctions Residential Market

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