Volumes rise, auction market improves

RP Data National Auction Comment, week ending 12 October 2014

A preliminary weighted average clearance rate of 68.7 per cent was recorded this week across capital cities compared to 66.9 per cent last week and 72.5 per cent this time last year.

RP Data auction review | Capital Cities

Volumes are rising and are projected to reach a high in the last week of October in what will be a significant test for the market, especially in Melbourne with a new record likely to be set.

In Sydney a preliminary clearance rate of 75.8 per cent was recorded compared to 76.4 per cent last week. It is interesting to note that there have been 43 per cent more auctions this year than was the case last year, remarkably the clearance rate has not been significantly affected. It is also interesting to note than in another record, 27 per of homes sold this year have been at an auction compared to 17 per cent a year ago.

RP Data auction review | Sydney

In Melbourne there was a preliminary clearance rate of 67.2 per cent recorded compared to 69.1 per cent last week and 74 per cent this time last year. This was the 15th week with in excess of 1,000 auctions.

RP Data auction review | Melbourne

In Brisbane a preliminary clearance rate of 54.2 per cent was recorded compared to 47.4 per cent last week.

RP Data auction review | Brisbane

Adelaide recorded a clearance rate of 58.7 per cent compared to 53.7 per cent last week.

RP Data auction review | Adelaide

In Canberra a clearance rate of 56.4 per cent was recorded.

In Perth a clearance rate of 33.3 per cent was recorded.

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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