Scheduled auctions fail to bloom in the first week of spring: RP Data

Although the first week of the busy selling season is upon us, scheduled auctions across the capital cities are the lowest they’ve been in some time. It's a result of vendors seeking to avoid a clash with the federal election this weekend, with a total of 916 auctions scheduled this week, according to RP Data.

It’s less than half the volume of auctions held last week at a revised 1,985 and 1,572 the previous week.

However the preliminary clearance rate increased last week to 72.9%, up from 70% the previous week.

At the same time last year, there were 1,294 auctions and a clearance rate of 54%.

Sydney’s clearance rate increased from 75.3% the previous week to 81.2% last week, the highest rate recorded since the week ending January 31 in 2010.

Sydney auction volumes also increased last week to a revised 847, up from 557 the previous week.

At the same time last year, Sydney had 513 auctions and a clearance rate of 58%.

Melbourne’s clearance rate decreased last week to 73%, down from 76.2% the week before.

Melbourne auction volumes increased last week from 712 the previous week to 833 last week.

At the same time last year, Melbourne held 538 auctions and had a clearance rate of 57.4%.

Melbourne has 486 auctions scheduled this week and Sydney has 268.