Scheduled auctions continue to dwindle but clearance rates still strong: RP Data

Scheduled auctions continue to dwindle as we enter into the second month of winter, with 944 auctions scheduled across the capital cities this week, according to RP Data.

Auction volumes have decreased from the revised 1,548 auctions that took place last week and 1,655 the previous week.

The auction clearance rate was slightly up last week at 68.7% from 66% the previous week.

At the same time last year, the clearance rate was substantially lower at 50.8% but there were 1,256 auctions.

Melbourne has 423 scheduled auctions this week, substantially less that the revised figure of 705 auctions last week and 820 the previous week.

The Melbourne preliminary auction clearance rate was recorded at 71.2% last week, up from 68.1% the week prior.

There were slight more scheduled auctions in Melbourne this time last year at 544, however the clearance rate was much lower at 57.8%.

Sydney has 329 scheduled auctions this week, less than the revised figure of 588 auctions last week and 593 auctions the previous week.

The Sydney clearance rate increased slightly last week to 72.8% from 71.9% the week before.

At the same time last year, there were more scheduled auctions in Sydney at 493 however like Melbourne, the clearance rate was substantially lower at 50.3%.