Auction markets look to bounce back from six-month low

by AB21 Sep 2015
Australia’s auction market will be hoping to bounce back this week after last week posting the lowest clearance rate in more than six months.

Last week’s national combined capital clearance rate was finalised at 71.2%, the lowest rate since February this year according to figures from CoreLogic RP Data.

The low result did come during a relatively busy week however, as the 2,654 auctions held last week made it the fifth busiest week of the year.

This week auction volumes have taken a small dip, with 2,593 homes set to go under the hammer.

Melbourne will again be the nation’s busiest city this week, with the Victorian capital set to hold 1,120 auctions, down on last week’s 1,180.

Melbourne finished last week with a clearance rate of 73.1%, down from the previous week’s 75.1%.

Sydney’s auction volumes for this week have also taken a hit this week, with the harbour city to host 1,068 auctions this week compared to the 1,084 held last week.

The city will be hoping to see its clearance rate take a rise this week, after last week’s final rate came in at 73.1%, down from 76.9% from the previous week.

Sydney’s Mosman will be the suburb with the most action this week with 19 auctions to be held there, while Melbourne’s Mount Waverley and Resevoir are both set to hold 18.

Across Adelaide, auction volumes will rise this week, up from 89 last week to 101 this week.

In Canberra, 124 auctions are scheduled this week, compared to a lower 79 last week.

Meanwhile, auction volumes remain relatively steady in Perth, down slightly from 35 last week to 32 over the current week.

Brisbane is expecting 149 auctions this week, compared to 179 last week and 154 at the same time last year.