Melbourne auction levels outpacing Sydney: CoreLogic RP Data's Shana Miller

Melbourne auction levels outpacing Sydney: CoreLogic RP Data's Shana Miller
Melbourne auction levels outpacing Sydney: CoreLogic RP Data's Shana Miller

The number of homes being taken to auction is continuing to increase with 1,677 capital city homes scheduled to go under the hammer this week.

While Sydney had more auctions than Melbourne over the past two weeks, this week, Melbourne’s auction activity is set to rise, bringing the total number of residential auctions to 730, as opposed to the 624 scheduled for Sydney.

This week, auction volumes are higher than last week in the two major auction markets of Melbourne and Sydney, while they remain relatively steady across the remaining capital cities.

Capital City Auctions this week:

  • Sydney624
  • Melbourne: 730
  • Brisbane: 145
  • Adelaide: 70
  • Perth: 32
  • Canberra: 65

The three busiest individual suburbs for auctions this week are all located in Melbourne, with 17 auctions scheduled to take place in Mount Waverley, 16 in Reservoir and 14 in Preston.

Summary of last week’s results:

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Melbourne auction levels outpacing Sydney: CoreLogic RP Data's Shana Miller

Across the combined capital cities, clearance rates softened last week from 70.9 percent for the previous week to 66.6 percent last week. Much of the fall in clearance rates was driven by Sydney, which was the busiest auction market over the week, host to 664 auctions and recorded a clearance rate of 69.8 percent, far lower than the 77.9 percent over the previous week.

In Melbourne, the auction clearance rate remained relatively steady, down to 69.2 percent from 71.4 percent the previous week.

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Melbourne auction levels outpacing Sydney: CoreLogic RP Data's Shana Miller

Despite the fall in Sydney’s auction clearance rate, there were some very strong sub-regions in the city. City and Inner South (91.4 percent) and Eastern Suburbs (90.5 percent) both saw clearance rates in excess of 90 percent, while in Parramatta only one third of auctions were successful.

The strongest clearance rate across Melbourne was 76.3 percent in the Inner East.

Of the other capital city auction markets, Adelaide was the best performer last week with 71.2 percent of auctions clearing, while in all other cities only around half of the properties taken to auction resulted in a sale.

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Melbourne auction levels outpacing Sydney: CoreLogic RP Data's Shana Miller

 

Shana Miller

Shana Miller

Shana Miller is a research analyst with RP Data.

Tags: 
Auctions Clearance Rate

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