Residential auction markets set to become busy again, with a strong result recorded for April

CoreLogic RP Data National Auction Preview, week ending 3 May 2015

National auction previewCoreLogic RP Data is currently tracking 2,871 auctions across Australia this week and 2,295 of these are in the capital cities. At the same time last year, auction volumes were lower at 2,053.

Last weekend marked the final weekend for auctions in April and while the number of auctions was low, the combined capital city clearance rate remained strong, showing that the demand for the homes that did make it to auction did not waver. The final auction clearance rate for last week was 82.3 per cent across 604 auctions. While last week’s clearance rate is the strongest result on record, given ANZAC day, auction volumes were around 70 per cent lower than the average number of auctions that has been held each week so far this year.

Last week’s result brings the April clearance rate for the combined capitals to 78.8 per cent, well above the same time last year when the clearance rate over the month was 66.4 per cent and higher than the 76.6 per cent recorded in March.

Currently, there are 1,033 auctions scheduled in Melbourne for this week, compared to 891 at the same time last year. Last week, the clearance rate across the 183 auctions held was 86.6 per cent, a strong result, despite the low volume. Last week’s result brings the clearance rate for April to 79.7 per cent.

In Sydney, the auction clearance rate for last week was 89.7 per cent across 285 auctions. The result was the strongest on record for the city; however, given the low number of auctions, it could be argued that it was not as significant as the 87.0 per cent recorded across 988 auctions the previous week. This week, Sydney is expecting 815 residential auctions. Over the past four weeks, April proved to be a strong month for Sydney, with the auction clearance rate above 83 per cent each week.

There are 172 auctions expected across Brisbane this week, compared to 41 last week and 142 at the same time last year. The final auction clearance rate was recorded at 61.5 per cent for Brisbane last week, a strong result for the city.

This week, Adelaide is expecting 156 auctions, up from 59 last week and 97 at the same time last year. Last week Adelaide’s clearance rate was 59.2 per cent.

Canberra’s auction clearance rate from last week was 71.4 per cent with just 23 homes taken to auction. This week, CoreLogic RP Data is expecting 55 auctions which are relatively similar to the 47 homes taken to auction one year ago.

There will be 43 Perth homes taken to auction this week, up from 12 last week and 41 at the same time last year.

The highest volume of auctions for any one individual suburb this week is outside of the main capital city auction markets in Armidale, New South Wales. Currently, CoreLogic RP Data is tracking 21 Armidale homes that are set for auction this week. The number of auctions scheduled in the Victorian suburbs of South Yarra (18) and Reservoir (17) is also high.

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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