National auction market lifting after strongest result in 5 months

RP Data National Auction Preview, week ending 24 August, 2014

RP Data auction market preview | Robert LaroccaThere are 1,868 auctions scheduled across Australia this week. In capital cities there are 1,527 auctions expected compared to 1,572 for the same period last year.

Last week we saw the best national clearance rate of 70.8 per cent in 5 months as both Sydney and Melbourne exceeded the 70 per cent mark. This improvement was based on ongoing and solid results in Sydney and more moderate improvements in Melbourne.

  • Those vendors holding auctions in Melbourne this week will draw confidence from data showing progressive improvement over the past 5 weeks with the clearance rate rising marginally each week. There are 689 auctions scheduled in Melbourne this week compared to 727 last week and 712 this time last year.
  • Sydney is expecting 574 auctions compared to 578 last week and 557 for this week last year. The year to date clearance rate is 74.7 per cent from 22,239 auctions compared to 70.2 per cent from 14,604 last year. At the same time five years ago,  there were only 11,050 auctions.
  • Brisbane is expecting 113 auctions after 98 last week. Overall the auction market this year has improved marginally with a 46.1 per cent clearance rate compared to 40.6 per cent last year.  A positive sign is the higher clearance rate which is based on 12.8 per cent more auctions.
  • Adelaide is expecting 61 auctions, the same as last week and this time last year.
  • Canberra has 45 auctions scheduled compared to 31 last week.
  • Perth has 20 auctions compared to 30 last week.
  • There are 8 auctions scheduled in Tasmania.

Across Australia, the highest number of auctions is expected in two Melbourne suburbs, Reservoir and Richmond both have 15 scheduled.

Robert Larocca
RP Data Auction Market Specialist
0409 198 350

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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