Auction volumes slow to pick up after long weekend

Auction volumes slow to pick up after long weekend

Posted on Friday, April 10 2015 at 10:22 AM

In response to the Easter long weekend, capital city auction markets took a break last week, with only 653 capital city auctions held, down significantly from 3668 over the previous week.

The
auction clearance rate, however, maintained its strength, with 78.9 per cent of
auctions recording a successful sale, compared to 77.6 per cent the previous
week and a much lower 66.2 per cent over the same week last year.

Given
that school holidays continue, auction markets remain relatively quiet, with
only 1478 capital city auctions set to take place this week and 1958
nationally. In comparison, at the same time last year, 3534 capital city homes
went to auction in what was last year’s lead up to the Easter long weekend. To
put this into perspective, if we exclude last week, so far this year there has
been an average of over 2100 across the combined capital cities each week.

Across
Melbourne this week, 626 auctions are set to take place, up from 63 last week
and lower than the 1530 at the same time last year. For the past seven weeks,
Melbourne’s clearance rate has consistently remained above 75 per cent. The
clearance rate across Melbourne has not been this strong since early 2010.

Last
week there were 427 residential properties taken to auction in Sydney, with 586
expected this week. In comparison, at the same time last year 1496 auctions
were held. So far this year, Sydney is currently experiencing the strongest
auction clearance rate conditions that CoreLogic RP Data has on record.

There
are 102 auctions expected in Brisbane this week and 289 across the state. In
comparison, there were 61 Brisbane auctions last week and 240 over the same
week last year.

Adelaide
is set to see 82 properties taken to auction this week, up from 34 last week
and 144 at the same time last year. Adelaide’s clearance rate has been
fluctuating between 52 per cent and 84 per cent so far this year, with the
average number of homes taken to auction each week around the 100 mark.

In
Canberra, CoreLogic RP Data is expecting 52 auctions this week, similar to the
volume seen last week (49) and at the same time last year (51). Although
Canberra’s auction market is much smaller than some of the other capital city
auctions markets, volumes have increased this year, with the year to date
number of auctions held this year 26 per cent higher than at the same time last
year.

Currently
there are 20 auctions scheduled across Perth for this week, up from just six
auctions last week and 56 at the same time last year

 Auction preview provided
by CoreLogic RP Data.

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