The lead up to the Queen’s birthday weekend pushes auction volumes higher

CoreLogic RP Data National Auction Preview, week ending 31 May 2015

National auction previewAuction volumes are set to reach their highest level since the last week in March, however the current scheduled number of auctions (2,591) remains below the levels seen one year ago (3,072). So far this year, while the clearance rate has been much higher than last year, auction volumes have been just 1.3 per cent higher.

Last week, the final auction clearance rate increased to 79.1 per cent, from 77.5 per cent over the previous week. With volumes rising this week, it will be interesting to see if the strength across the auction market can be maintained.

In Melbourne, it is expected that 1,149 residential properties will be taken to auction this week, compared to 1,162 last week, when the final auction clearance rate of 82.1 per cent was recorded. Last week’s clearance rate was one of the strongest clearance rates for the city so far this year. One year ago, 1,356 Melbourne homes were taken to auction, with a clearance rate of 65.4 per cent.

This week, the number of auctions scheduled across Sydney is only slightly lower than Melbourne, at 1,087. This will be the 5th week so far this year where Sydney’s auction volumes for the week have surpassed the 1,000 mark, which is lower than last year (7 weeks), despite the strengthening clearance rate.

In Brisbane, 137 auctions are scheduled this week, compared to 159 last week and 219 last year.

This week there are 88 auctions expected in Adelaide, the same as last week and almost unchanged when compared to last year (87).

There are 54 Canberra homes listed for auction this week, a decrease from 96 last week, which was the highest number of weekly auctions for the city so far this year. At the same time last year 40 auctions were held across Canberra.

In Perth, CoreLogic RP Data is currently expecting 19 auctions over the current week, down significantly from 53 last week and also lower than the 30 held one year ago.

The three suburbs which will host the highest number of auctions this week are all located in Victoria (Camberwell, Reservoir and South Yarra).

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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