Housing supply increases again after lowest clearance rate in 21 weeks

RP Data National Auction Preview, week ending 16 November 2014

RP Data National Auction Preview  | RP DataThere are 3,575 auctions scheduled across Australia this week. In capital cities there are 2,907 auctions expected compared to 2,814 for the same period last year.

Last week the national clearance rate was the lowest for 21 weeks and it was the third consecutive week in which it fell. This trend is not unique and it happened last year as stock levels rose through November and December. Buyers looking for a home and buying at auction will welcome both the increased stock levels and lower clearance rate.

  • There are 1,338 auctions scheduled in Melbourne this week, compared to 1,139 last week and 1,270 this time last year. It is interesting to note that the clearance rate has now fallen more than 10 points in the past two months.
  • In Sydney RP Data is expecting 1,152 auctions compared to 1,261 last week and 1,099 for this week last year. Last week was the lowest clearance rate in Sydney in 21 weeks and provides a clear indication that the high stock levels are having an impact. Mosman has the highest volume of auctions for the second week in a row with 25 expected.
  • In Brisbane 128 auctions are expected after 188 were held last week.
  • Adelaide is expecting 143 auctions, compared to 131 last week.
  • Canberra has 68 auctions scheduled compared to 141 last week.
  • Perth has 47 auctions compared to 65 last week
  • There are 7 auctions scheduled in Tasmania.

Across Australia, the highest volume of auctions will be in Bentleigh East (VIC) which has 29 expected.

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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