Auction volumes sky-rocket as clearance rate plummets

by AB28 Sep 2015
Australia’s capital cities could have just had their busiest auction week since Easter, with the total number of scheduled auctions closing in on 3,000.

Figures from CoreLogic RP Data show there were 2,842 auctions scheduled across the country over the weekend, up from the 2,593 the week before. 

However, the increased volume could mean another week of low clearance rates, after the final capital city weighted average came in at a disappointing 69.9% closing the third week of the Spring selling season, ending 20 September.

Melbourne narrowly pipped Sydney as the country’s busiest city for scheduled auctions, with the Victorian capital scheduled to hold 1,206 auctions over the weekend, up from 1,127 in the prior week.

Sydney also saw a similar rise in its volumes over the week, with the harbour city scheduled to hold 1,198 auctions, compared to 1,041 the week before.

Melbourne’s Reservoir was the busiest suburb, with 23 residential auctions scheduled, followed by Mosman (Syd) with 19, Preston (Mel) with 17 and Glen Waverley (Mel) with 16.

Adelaide also saw a rise in volumes. According to the most recent clearance figures from CoreLogic RP Data, the South Australian capital recorded the second highest national clearance rate, at 71.4%. Auction numbers in the city were set rise from 99 to 130 over the weekend.

Brisbane was the last capital city set for a busier weekend, with 202 homes in the Queensland capital scheduled to go under the hammer over the weekend compared to 143 in the week ending 20th September.

Canberra and Perth were the only two cities where the number of auctions were down week on week; however, both cities' current auction activity is higher than it was one year ago.