Sydney & Melbourne auction markets break records in pre Queen’s Birthday auctions

RP Data National Auction Preview, week ending 1 June, 2014

RP Data national auction previewThere are 3,439 auctions scheduled across Australia this week with 2,855 expected in capital cities. There are 1,010 more auctions in capital cities than was the case on the same weekend a year ago but only 69 more than last weekend.

The high volume this week is a result of a generally buoyant market, a reduction in auctions next week due to the Queen’s Birthday holiday and a shift towards auctions in Sydney and Melbourne.

The Sydney and Melbourne markets are both setting records for the number of auctions in the first five months of the year.

  • In Melbourne there are 1,264 auctions scheduled compared to 1,211 last week. With a clearance rate remaining in the mid 60’s buyers continue to be well placed.
  • In Sydney there are 1,223 auctions expected in what is the record run of 7 weeks over 1,000 this year.  So far this year there has been a record 13,871 auctions, 60.9 per cent more than the same time last year.
  • In Canberra 45 auctions are scheduled, well down on last weeks 76.
  • Perth has 27 auctions, also well down on last weeks 70.
  • After Sydney and Melbourne the largest volume of auctions are in Queensland outside of Brisbane with 261 scheduled. There are 192 in Brisbane.
  • In Adelaide 83 auctions are expected compared to 121 last week.
  • There are 16 auctions scheduled in Tasmania.
  • Across Australia the highest volume of auctions will be found in Richmond (VIC) and Randwick (NSW), both of which have 24 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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