National auction market well placed for spring sales

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

A preliminary weighted average clearance rate of 66.7 per cent was recorded this week across capital cities compared to 70.8 per cent last week and 70 per cent this time last year.

All capital cities have seen a higher number of auctions than last year. Compared to last year the best performing auction markets from the perspective of relative improvement this year have been Sydney, Tasmania and then Adelaide. Sydney has seen a 63 per cent rise in the number of homes sold at auction, Tasmania a 56 per cent rise and a 48 per cent rise was recorded in Adelaide.  It should be noted that there have been 357 auctions in Tasmania this year, 2,467 in Adelaide and 22,329 in Sydney.

RP Data auction market review | Capital city

In Sydney a preliminary clearance rate of 76.2 per cent was recorded this week compared to 76.2 per cent last week. Compared to last year and over recent months Sydney has clearly been the strongest auction market.

RP Data auction market review | Sydney

In Melbourne there was a preliminary clearance rate of 64.1 per cent recorded compared to 73.3 per cent last week. Melbourne remains on trend and once final results are in should confirm it has a healthy auction market on the eve of spring.

RP Data auction market review | Melbourne

In Brisbane a preliminary clearance rate of 52.1 per cent was recorded compared to 50 per cent last week.

RP Data auction market review | Brisbane

Adelaide recorded a clearance rate of 68.5 per cent compared to 65.6 per cent last week.

RP Data auction market review | Adelaide

In Canberra a clearance rate of 46.9 per cent was recorded and in Perth there was a clearance rate of 38.9 per cent.

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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