Auction volumes drop due to Anzac Day commemorations

CoreLogic RP Data National Auction Comment, week ending 26 April 2015

As a result of the Anzac Day commemorations on Saturday, which is traditionally the busiest day for auctions, it was a quiet week for auction activity. There were 550 auctions held across the combined capital cities this week, with a preliminary auction clearance rate of 84.3 per cent. While this is the highest auction clearance rate on record, it is likely that the clearance rate will revise down as the remaining auctions are reported. Last week, a clearance rate of 78.9 per cent was recorded across 2,603 capital city auctions. At the same time last year, auction volumes were higher than this week, but still low off the back of Easter, with 881 properties taken to auction and a clearance rate of 64.6 per cent.

20150426 Capital City

In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 87.4 per cent was recorded across 169 auctions this week. Last week, Melbourne’s final clearance rate was recorded at 79.5 per cent across 1,266 auctions, while this time last year, 373 properties were taken to auction across Melbourne and a clearance rate of 63.0 per cent was recorded. The busiest Melbourne sub-regions this week were Melbourne’s Inner region and the Inner South region, where 27 and 26 auctions were held respectively.

20150426 Melbourne

Sydney’s preliminary clearance rate this week was 91.9 per cent across 192 auction results. There were a total of 249 auctions held across the city. Excluding this week, last week’s clearance rate of 87.0 per cent across 988 auctions was the highest clearance rate on record for the city. It will be interesting to track this week’s final auction clearance rate once the remaining results have been reported. Looking back at this weekend last year, 361 auctions were held across Sydney and a clearance rate of 71.3 per cent was recorded. Sydney’s Eastern Suburbs hosted the most auctions of any Sydney sub-region this week, with 62 properties taken to auction. The preliminary clearance rate for the region is 95.7 per cent across 47 results.

20150426 Sydney

There were 39 Brisbane auctions this week and so far 11 results have been reported, with 10 sales. Last week, auction volumes across the city were much higher with 140 auctions held across the city and a 46.4 per cent clearance rate recorded. Much like Brisbane, the number of homes taken to auction this week fell across the Gold Coast with 32 properties up for sale this week. Of the 21 results reported, just over half (52.4 per cent) were successful.

20150426 Brisbane

A total of 59 Adelaide homes were taken to auction this week, with a preliminary clearance rate of 55.0 per cent across 20 results, down from 69.7 per cent last week when 97 auctions were held across the city.

20150426 Adelaide

In Perth, just 10 auctions were held this week. So far, only 2 successful sales have been reported to CoreLogic RP Data. Last week, the final auction clearance rate for Perth was 28.6 per cent across 36 auctions.

Canberra’s clearance rate was 78.6 per cent this week, up from 65.6 per cent last week.

There was only 1 Tasmanian auction held this week. The property was reported as sold.

 

About Shana Miller

Shana joined CoreLogic RP Data in 2007, heading up CoreLogic RP Data’s 'agents advice' team which is responsible for collecting sales data directly from industry participants. Having gained a solid background in data collection, storage and reporting, Shana joined CoreLogic RP Data’s research team as an analyst in 2011. Shana's day to day activities include compiling CoreLogic RP Data’s regular analysis such as auction and private treaty metrics as well as reporting on housing markets at a local through to national level. Shana has now joined the CoreLogic RP Data commentating team to deliver weekly blog updates on housing market activity across the country.

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