The real deal with auction results

Last weekend was another stellar week for Australia’s auction markets.  The national weighted average clearance rate was 75 percent (the 14th consecutive week of national clearance rates being above 70 percent) and the total number of auctions across the country is still well above average:  there were 1,310 auctions held last week compared with the quarterly average of 1,097.

It looks like the auction market still has some way to go before winding down.  There are 1,340 auctions scheduled across Melbourne, Sydney and Brisbane over the coming week which is 181 more than last week.

Auction results

The Sydney market, despite headlines earlier in the week suggesting the clearance rate was just 63 percent (thanks to the usual preliminary reporting by Home Price Guide based on sample size of just 49.5 percent) held 410 auctions and recorded a clearance rate of 73 percent – not a bad result considering that holidays are in swing and interest rates have just gone up.

Melbourne, the nation’s largest auction market, held 678 auctions (one of the largest auction weeks this year),  with a clearance rate of 81 percent.

We are often asked to bring our auction reporting forward (we currently publish auction results every Thursday morning).  rpdata.com gathers auction results throughout the week and we normally collect between 80 percent and 90 percent of all auction results each week.  The process we go through to collect this information involves contacting individual real estate agents via our in-house call centre and relying on our vast network of real estate agencies (of which about 80 percent nationally subscribe to our services) to provide us with recent sales information.  Our decision not to report ‘early’ auction results comes back to the accuracy and legitimacy of our research – we would prefer to collect a sufficient amount of data to ensure an acceptable level of accuracy.

About Tim Lawless

Tim heads up the RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia

Connect with CoreLogic

Enter your email address to subscribe to our e-newsletter, and have new posts delivered via email. You can also connect with CoreLogic on social media.

No comments yet.

Leave a Reply

Notify me of followup comments via e-mail. You can also subscribe without commenting.