Strength of the auction market eases as end of year approaches

CoreLogic RP Data National Auction Preview, week ending 23 November 2014

CoreLogic RP Data auction preview | capital cities (Image by Domain)There are 3,240 auctions scheduled across Australia this week. In capital cities there are 2,700 auctions expected, compared to 2,716 for the same period last year.

The strength of the auction market has clearly eased over the past two months with the national clearance rate remaining in the 60’s. The softer clearance rate needs to be viewed in the context of volumes, as this is the third consecutive week with over a 1,000 auctions in both Sydney and Melbourne.

  • The clearance rate over the past few weeks has provided further confirmation that the Melbourne market is healthy but not booming. There are 1,187 auctions scheduled in Melbourne this week, compared to 1,504 last week and 1,172 this time last year. This is the 19th week with more than 1,000 auctions this year.
  • In Sydney, CoreLogic RP Data is expecting 1,036 auctions compared to 1,417 last week and 1,060 for this week last year.  This is the 11th week with more than 1,000 auctions this year, well in excess when compared to 2013 where there were just 7 weeks in which over 1,000 auctions took place across the city. The highest volume of auctions is again in Mosman with 22 expected followed by 18 in Randwick.
  • In Brisbane 200 auctions are expected after 142 were held last week.
  • Adelaide is expecting 132 auctions, compared to 152 last week.
  • Canberra has 87 auctions scheduled compared to 78 last week.
  • Perth has 49 auctions compared to 57 last week
  • There are 22 auctions scheduled in Tasmania.

Across Australia, the highest volume of auctions will be in Reservoir (VIC) which has 24 expected.

Robert Larocca
CoreLogic RP Data Auction 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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