New data from CoreLogic RP Data shows the proportion of sales by auction is up compared with the last two years.
3,003 auctions expected this week across Australia with 2,539 expected in capital cities, compared to 2,556 last week and 2,466 for the same week last year.
“The use of auctions traditionally grows with prices and competition as vendors and agents seek to take advantage of the rising market,” CoreLogic RP Data auction spokesperson Robert Larocca said.
The data shows this rise stands out from others as all auction records have been broken in Sydney and Melbourne at the same time as there were more than 100,000 auctions in capital cities.
Larrocca said across Australia, the highest volume of auctions in one suburb are 21 in both Reservoir (VIC) and Thornbury (VIC).
In Sydney 947 auctions are expected this week compared to 926 last week and 982 this week last year.
Last year 30.2% of sales were by auction, up from 21.8% in 2013 and over double the 14.1% in 2012.
In Melbourne 1,202 auctions are expected compared to 1,269 last week and 1,160 this week last year. Last year a remarkable 33.6% of sales were by auction, up from 29.4% in 2013 and 20.3% in 2012.
170 auctions are expected in Brisbane compared to 132 last week and 130 this week last year. Last year 6.6% of sales were by auction, up from 5.7 % the year before.
This week there are 97 auctions expected in Adelaide compared to 100 last week and 80 over the same week last year.
Adelaide saw just over 10 per cent of sales by auction last year up from 8.3 per cent the year before and nearly double the 5.8 per cent recorded in 2012.
In Perth auction volumes are set to remain steady, with 45 auctions expected over the coming week, the same as the 45 recorded last week, but up from the 31 over this week last year.