National Auction Preview; Week ending 14 December, 2014

Notable improvement in conditions for Sydney buyers

RP Data national auction preview | Robert LaroccaThere are 3,781 auctions scheduled across Australia this week. In capital cities there are 2,995 auctions expected, compared to 3,548 for the same period last year.

A softening Sydney auction market has exacerbated the now typical reduction in the clearance rate as Christmas approaches. Improving conditions for buyers continue this week in Sydney, which has its 8th week with over 1,000 auctions. Compared to a month ago there is a lower clearance rate in all capital cities with the exception of Adelaide.

There are 1,324 auctions scheduled in Melbourne this week, compared to 1,733 last week and 1,616 this time last year. Last week was the second largest weekend for auctions in the city’s history.

The Sydney market is showning signs of excess supply with the clearance rate last week hitting a 18-month low of 66.1 per cent.. In Sydney, CoreLogic RP Data is expecting 1,166 auctions compared to 1,294 last week and 1,396 for this week last year. Mosman has the highest volume of auctions with 26 expected.

In Brisbane 223 auctions are expected after 189 were held last week.

Adelaide is expecting 154 auctions, compared to 131 last week.

Canberra has 64 auctions scheduled compared to 87 last week.

Perth has 50 auctions compared to 57 last week

There are 24 auctions scheduled in Tasmania.

Across Australia, the highest volume of auctions will be in Reservoir (VIC) which has 33 expected.

Robert Larocca
CoreLogic 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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