Research from CoreLogic RP Data Property Pulse shows Melbourne is the city where auctions are the most popular method of selling, with 39% of residential property listings taken to auction in the last financial year.
Along with Melbourne, Sydney and Canberra also showed more than one third of all listings being taken to auction, at 38% and 36% respectively.
According to CoreLogic RP Data head of research Tim Lawless, of the 380,000 dwellings advertised for sale across Australia’s capital cities over the 2014/15 financial year, roughly 84,000 (26%) were advertised as auction sales.
“Interestingly, when we examine the proportion of listings taken to auction across product types, Canberra and Sydney are both showing a larger proportion of auction listings for houses than Melbourne,” said Lawless.
Looking at individual suburbs, there were five all located in Sydney, where more than 95% of all house listings were taken to auction with the Waverley suburb of Queens Park coming top with 59 out of 60 house listings (98.3%) being taken to auction.
“While Melbourne, Sydney and Canberra have a well-established auction culture, other capital cities still list the vast majority of homes for sale via private treaty.”
“Auction listings have been rising since the 2008/09 financial year when back then, auctions comprised of a much lower 16% of all dwellings listed for sale.”