RP Data National Auction Preview; Week ending 25 May, 2014

RP Data National Auction PreviewUnprecedented volume of auctions across Australian capital cities this week

There are 3,111 auctions scheduled across Australia this week with 2,589 expected in capital cities – a remarkable 53 per cent more than the 1,687 auctions held a year ago.

Vendors may be concerned about the high volume of competing auctions but should gain confidence from last week’s results when there was a small increase in the clearance rate to 66.6 per cent across capital cities from 65 per cent in conjunction with increased supply.

  • The increase in volumes this week is largely as a result of an unprecedented surge in listings in Melbourne and Sydney for May, both of which have more than 1,000 auctions.
  • In Melbourne there are 1,137 auctions scheduled in what is the ninth week this year with over 1,000. In Sydney volumes are almost twice last year’s at 598, with 1,017 homes to be offered for sale at auction.
  • Both Canberra and Perth are expecting a record number of auctions so far this year with 72 expected in Canberra and 69 scheduled in Perth.
  • In Adelaide, 119 auctions are expected compared to 121 last week. In Brisbane 175 auctions are expected following last week’s 133.
  • There are 8 auctions scheduled in Tasmania.

Across Australia, the highest volume of auctions will be found Melbourne’s expensive eastern suburbs with 24 scheduled for Glen Iris. In Sydney the highest volume of auctions are in the inner city suburb of Paddington with 21 scheduled.

Robert Larocca
RP Data Housing Market Specialist

About Robert Larocca

Robert Larocca has built a profile over the past eight years as an expert on the Victorian residential property market. He worked for the REIV both directly and as a consultant over 8 years acting as a spokesperson, managing its research department and public policy. He has been a media and government relations consultant and spent a decade working across the three levels of government including as a Councillor and Mayor in the City of Moreland. He has well developed leadership skills in the not for profit sector and has been the Chairperson of CERES Community Environment Park for 9 years.

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