Auctions as a sales method have increased in all capital cities

CoreLogic RP Data National Auction Preview, week ending 22 March 2015

CoreLogic RP Data auction preview | capital cities (Image by Domain)There are 3,003 auctions expected this week across Australia with 2,539 expected in capital cities. This is compared to 2,556 last week and 2,466 for the same week last year.

With full data now available for 2014 it is clear that the proportion of sales by auction increased in each capital city when compared to both 2013 and 2012. The use of auctions traditionally grows with prices and competition as vendors and agents seek to take advantage of the rising market. The data shows that compared to other recent upswings this cycle is different as all auction records have been broken in Sydney and Melbourne at the same time as there were more than 100,000 auctions in capital cities.

In Sydney 947 auctions are expected this week compared to 926 last week and 982 this week last year. Last year 30.2 per cent of sales were by auction, up from 21.8 per cent in 2013 and over double the 14.1 per cent in 2012.

In Melbourne 1,202 auctions are expected compared to 1,269 last week and 1,160 this week last year. Last year a remarkable 33.6 per cent of sales were by auction, up from 29.4 per cent in 2013 and 20.3 per cent in 2012.

There are 170 auctions expected in Brisbane compared to 132 last week and 130 this week last year. Last year 6.6 per cent of sales were by auction, an increase from 5.7 per cent the year before.

This week there are 97 auctions expected in Adelaide compared to 100 last week and 80 over the same week last year. Adelaide saw just over 10 per cent of sales by auction last year up from 8.3 per cent the year before and nearly double the 5.8 per cent recorded in 2012.

In Canberra there are 69 auctions expected, compared to 71 last week and 57 this week last year. Last year just over one in five sales were by auction, up from 13.1 per cent in 2013 and only 7.8 per cent in 2012.

In Perth auction volumes are set to remain steady, with 45 auctions expected over the coming week, the same as the 45 recorded last week, but up from the 31 over this week last year. Last year a mere 1.8 per cent of sales across the city were by auction.

Across Australia the highest volume of auctions in one suburb are 21 in both Reservoir (VIC) and Thornbury (VIC).

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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  1. Records for auctions in 2015 in three capital cities - Real Estate News - April 1, 2015

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