Auction activity will rise this week: CoreLogic RP Data's Shana Miller

Auction activity will rise this week: CoreLogic RP Data's Shana Miller
Auction activity will rise this week: CoreLogic RP Data's Shana Miller

Auction activity will rise this week, with CoreLogic currently monitoring a total of 2,301 capital city auctions, representing a 20 percent rise in activity compared with last week (1,920).

Despite the week-on-week rise, the number of capital city auctions compared to last year remains remarkably lower, given 2,792 were held over the same week last year.

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Auction activity will rise this week: CoreLogic RP Data's Shana Miller

One of the significant differences when comparing this year to last year is the activity in Sydney. One year ago, over the week there were 1,149 Sydney auctions, while this year there are currently 732 scheduled. In Melbourne, the difference is less noticeable, with 1,110 scheduled for this week, compared to 1,248 one year ago. 

The busiest individual suburb for auctions this week is Melbourne’s Glen Waverley, where a total of 25 residential properties will be taken to auction. Reservoir (19), Craigieburn (16) and South Yarra (16), also in Melbourne, follow on from Glen Waverley as the busiest auction suburbs this week.

Summary of last week’s results:

After recording a preliminary clearance rate of 70 percent last week, the final auction clearance rate revised down slightly, to 68.9 percent across 1,765 auction results.

The two largest auction markets of Sydney and Melbourne recorded the strongest clearance rates last week, at 73.2 percent and 70 percent, respectively, followed by Adelaide (68.8 percent) and Canberra (67.2 percent).

Results from last week show that across Queensland, auction clearance rates remained within 10.5 percentage points across the three main auction markets of Brisbane (50.9 percent), the Gold Coast (44.1 percent) and the Sunshine Coast (54.6 percent).

Regional New South Wales auction clearance rates were relatively similar to what was seen across the state’s capital city, at 71 percent for Hunter and 70.4 percent for Wollongong. The Geelong clearance rate of 70 percent across 20 auction results was the same as Melbourne, at 70 percent across a much more substantial 797 results. 

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Auction activity will rise this week: 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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