Auction volumes higher in 2015 compared to 2014, with last week’s capital city clearance rate 11.9 per cent higher than one year ago

CoreLogic RP Data National Auction Preview, week ending 28 June 2015

Auction PreviewCoreLogic RP Data is currently expecting 2,255 capital city auctions this week, which is higher than at the same time last year (1,991) and similar to the number of homes taken to auction across Australia’s capital cities last week (2,268). Last week saw the final auction clearance rate rise from 75.9 per cent the previous week to 77.3 per cent, which is much higher than one year ago (65.4 per cent).

Across Melbourne, Australia’s largest auction market, CoreLogic RP Data is currently expecting 1,009 auctions, compared to 1,084 last week and 811 one year ago. Last week, 79.3 per cent of Melbourne homes taken to auction recorded a successful result, compared to 68.3 per cent last year.

Sydney is still maintaining a clearance rate above the 80 per cent mark; however auction results have been slightly softer over the most recent couple of weeks, indicating a slight easing in demand compared to the record strong results seen since mid-April.  Despite this, Sydney’s clearance rate is consistently higher than all other major capital city auction markets. Last week’s clearance rate of 82.4 per cent was down from 83.4 per cent the previous week, but remains much higher than over the same week last year (71.1 per cent). This week, there are 909 Sydney homes scheduled for auction, up from 862 last week and 861 at the same time last year.

This week there are 141 Brisbane auctions, compared to 128 last week and 153 over the same week last year. Last week, Brisbane recorded the strongest clearance rate so far for June 2015, at 52.2 per cent, which is also higher than one year ago (42.2 per cent).

In Adelaide, 75 auction properties are being monitored this week, slightly down on the 83 last week and 79 at the same time last year. Adelaide’s auction clearance rate last week was 63.5 per cent, similar to one year earlier, when the cities clearance rate was 62.7 per cent.

Across Canberra there are 71 scheduled auctions this week, a high number for the city and much higher than both last week (52) and one year ago (35). Over the past two weeks, Canberra’s clearance rate has been recorded above the 68 per cent mark, while one year ago the cities clearance rate was 58.1 per cent.

Perth has 30 homes scheduled for auction this week, down from 47 last week and 39 at the same time last year.

Across the individual suburbs of Australia, Balwyn North (21), Glen Waverley (18), Kew and Mount Waverley (both with 17) all in Victoria have the highest number of auctions scheduled this week.

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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