Shana Miller

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CoreLogic RP Data is currently tracking 2,871 auctions across Australia this week and 2,295 of these are in the capital cities. At the same time last year, auction volumes were lower at 2,053.
Last weekend marked the final weekend for auctions in April and while the number of auctions was low, the combined capital city clearance rate remained strong, showing that the demand for the homes that did make it to auction did not waver. The final auction clearance rate for last week was 82.3% across 604 auctions. While last week’s clearance rate is the strongest result on record, given Anzac Day, auction volumes were around 70% lower than the average number of auctions that has been held each week so far this year.
Last week’s result brings the April clearance rate for the combined capitals to 78.8%, well above the same time last year when the clearance rate over the month was 66.4% and higher than the 76.6% recorded in March.
Currently, there are 1,033 auctions scheduled in Melbourne for this week, compared to 891 at the same time last year. Last week, the clearance rate across the 183 auctions held was 86.6%, a strong result, despite the low volume. Last week’s result brings the clearance rate for April to 79.7%.
In Sydney, the auction clearance rate for last week was 89.7% across 285 auctions. The result was the strongest on record for the city; however, given the low number of auctions, it could be argued that it was not as significant as the 87.0% recorded across 988 auctions the previous week. This week, Sydney is expecting 815 residential auctions. Over the past four weeks, April proved to be a strong month for Sydney, with the auction clearance rate above 83% each week.
There are 172 auctions expected across Brisbane this week, compared to 41 last week and 142 at the same time last year. The final auction clearance rate was recorded at 61.5% for Brisbane last week, a strong result for the city.
This week, Adelaide is expecting 156 auctions, up from 59 last week and 97 at the same time last year. Last week Adelaide’s clearance rate was 59.2%.
Canberra’s auction clearance rate from last week was 71.4% with just 23 homes taken to auction. This week, CoreLogic RP Data is expecting 55 auctions which are relatively similar to the 47 homes taken to auction one year ago.
There will be 43 Perth homes taken to auction this week, up from 12 last week and 41 at the same time last year.
The highest volume of auctions for any one individual suburb this week is outside of the main capital city auction markets in Armidale, New South Wales. Currently, CoreLogic RP Data is tracking 21 Armidale homes that are set for auction this week. The number of auctions scheduled in the Victorian suburbs of South Yarra (18) and Reservoir (17) is also high.
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Residential auction markets set to become busy again: Shana Miller

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After two subdued weeks for auctions, the number of auctions held across the combined capital cities increased this week, with 2,033 capital city properties taken to auction, compared to just 881 over the previous week. 
The preliminary clearance rate for last week was recorded at 66.3%, having increased from 64.6% the previous week. After an unseasonably strong start to the year, auction clearance rates are showing signs of softening, albeit only by a very small amount.
One year ago, there were 1,749 capital city properties taken to auction and the auction clearance rate was recorded at 67.7%. This is the first time so far this year where the current clearance rate has underperformed when compared to the same time one year ago.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Capital-city.jpg" target="_blank"><img class="alignnone size-full wp-image-3192" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Capital-city.jpg" alt="20140504 Capital city" width="1003" height="734"></a>
In Sydney last week, 817 auctions were scheduled and the preliminary clearance rate was recorded at 75.7%, up from 71.3% over the previous week when the auction market was much quieter, with 361 Sydney properties taken to auction.
So far this year, Sydney has been the strongest performing auction market in terms of clearance rates and has continuously been stronger when compared to the same week last year, however, this gap is beginning to close, with the current clearance rate more reflective of the clearance rates seen across the city at the same time last year when the market was beginning to strengthen.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Sydney.jpg" target="_blank"><img class="alignnone size-full wp-image-3197" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Sydney.jpg" alt="20140504 Sydney" width="996" height="651"></a>
A preliminary clearance rate of 63.7% was recorded last week in Melbourne from 691 auction results with a total of 878 auctions scheduled across the city.  At the same time last year, a clearance rate of 70.4% was recorded from 822 auctions. The total number of auction results will rise to exceed the total from last year but the clearance rate will not.
Auction demand for last week matched last month when a clearance rate of 62.3% was recorded. Overall results for April were lower than the 69.4% recorded in March.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Melbourne.jpg" target="_blank"><img class="alignnone size-full wp-image-3196" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Melbourne.jpg" alt="20140504 Melbourne" width="991" height="655"></a>
Much like Melbourne and Sydney, Brisbane recorded an increase in auction volumes last week, with 141 properties taken to auction across the city. The preliminary auction clearance rate for these properties was recorded at 42.5%, down from 49.2% the previous week across just 66 auctions. At the same time last year the Brisbane clearance rate was recorded at 45.1% with 153 properties auctioned over the week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Brisbane.jpg" target="_blank"><img class="alignnone size-full wp-image-3195" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Brisbane.jpg" alt="20140504 Brisbane" width="995" height="649"></a>
Last week, 98 Adelaide properties were taken to auction, up from 51 over the previous week. Similar to auction volumes, the auction clearance rate increased over the week from 64.4% to 65.6%. At the same time last year, conditions across the auction market were weaker with 92 auctions and a 56.4% clearance rate.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Adelaide.jpg" target="_blank"><img class="alignnone size-full wp-image-3194" src="https://blog.rpdata.com/wp-content/uploads/2014/05/20140504-Adelaide.jpg" alt="20140504 Adelaide" width="998" height="662"></a>
If we take a quick look around Australia’s other capital cities and regions performance was varied, much like it is most weeks.
In Canberra there were 45 auctions with a clearance rate of 60%, in Perth 40 properties were auctioned and the clearance rate was recorded at 50%, while across the Northern Territory, 11 residential properties were taken to auction and the preliminary clearance rate was recorded at 37.5%.
Across Tasmania 14 properties were taken to auction over the week, but at this point RP Data has only collected five results, with no successful sales.
Currently, RP Data is tracking 1,376 capital city auctions over the coming week.
Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist.
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Clearance rates softening: RP Data's national auction market wrap

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On the back of low auction volumes, the preliminary auction clearance rate fell to the lowest reading so far this year.
Because of the ANZAC day long weekend, for the second week in a row, auction volumes across the combined capital cities were low. A total of 859 auctions were held across the capital cities, compared to 642 the previous week and the preliminary auction clearance rate fell from 65.5%t the previous week to 64.0% last week.
This is the lowest clearance rate seen so far this year and the lowest clearance rate since June last year. Volumes are expected to ramp up again over the coming week, with RP Data expecting 1,927 auctions to be held across the capital cities.
Much like last week, because auction volumes were much lower than usual, we will just provide some key stats to give a wrap up of the auction markets over the week:
<img class="alignnone size-full wp-image-3161" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140427-Capital-city.jpg" alt="20140427 Capital city" width="983" height="364">
<img class="alignnone size-full wp-image-3164" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140427-City-by-city-table1.jpg" alt="20140427 City-by-city table" width="845" height="249">
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Anzac Day weekend slowest of the year so far: RP Data's national auction market wrap

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Auction volumes were high across the capital cities, with Sydney breaking all time record.
There were a total of 3,491 capital city auctions held across Australia last week, up from 2,692 over the previous week. With auction volumes at the highest levels seen so far this year, clearance rates increased from 66.2% over the previous week to 68.9% last week with Sydney driving the strong clearance rate.
As mentioned a couple of weeks ago, we had expected auction volumes to peak before the Easter break as the next couple of weeks are likely to be pretty quiet on the auction front.
At the same time last year, the final auction clearance rate was recorded at 61.8% with 1,410 capital city properties having been taken to auction.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Capital-city.jpg" target="_blank"><img class="alignnone size-full wp-image-3108" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Capital-city.jpg" alt="20140413 Capital city" width="990" height="722"></a>
There were 1,471 auctions held across Sydney last week, which means auction volumes have risen by nearly 30% when compared to the previous week when there were 1,137 Sydney auctions.
Despite this jump in auction volumes, the total number of auctions in Sydney was slightly less than in Melbourne over the week; however it was a record high for the city. Sydney’s preliminary clearance rate was resilient last week, despite the increased volumes, recorded at a sturdy 78.5%, compared to 73.2% over the previous week and just 67.2% at the same time last year, when there were 529 auctions held across the city.
At this stage, we expect just 392 Sydney auctions to be held over the coming week, with most of these occurring prior to Friday.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Sydney.jpg" target="_blank"><img class="alignnone size-full wp-image-3110" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Sydney.jpg" alt="20140413 Sydney" width="1004" height="659"></a>
A preliminary clearance rate of 64.2% was recorded last week in Melbourne from 1,143 auction results compared to 63.6% recorded the previous week and 66.5% at the same time last year.
This weekend brings to a close the busiest first quarter for auctions in the city’s history. Compared to this time last year there have been 58% more auctions held. For the next two weeks the market will see significantly reduced volumes with Easter and Anzac Day causing many vendors to have already had their auctions or wait.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Melbourne.jpg" target="_blank"><img class="alignnone size-full wp-image-3109" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Melbourne.jpg" alt="20140413 Melbourne" width="1002" height="656"></a>
In terms of an increase in auction volumes over the week, Brisbane was the stand out last week, with auction volumes almost doubling. There were 236 residential properties taken to auction in Brisbane last week and the preliminary auction clearance rate was recorded at 45.7%, compared to a final auction clearance rate of 52.8% over the previous week when there were 123 Brisbane auctions. At the same time last year, just fewer than 100 auctions were held across the city and the clearance rate for the week was recorded at a 36.4%.
Last week was the second week so far this year where there have been more than 230 Brisbane auctions over the week. To put that into perspective, the average number of weekly auctions held over 2013 was 137, while so far this year, there has been an average of just under 150 auctions per week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Brisbane.jpg" target="_blank"><img class="alignnone size-full wp-image-3107" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Brisbane.jpg" alt="20140413 Brisbane" width="994" height="649"></a>
Adelaide’s preliminary clearance rate for last week was recorded at a strong 73.8%, up from 62.1% over the previous week. Much like most of the other concentrated auction markets, Adelaide saw volumes increase over the week from 98 to 144. At the same time last year, Adelaide’s clearance rate was a lower 47.4% across the 63 properties that were taken to auction.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Adelaide.jpg" target="_blank"><img class="alignnone size-full wp-image-3106" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140413-Adelaide.jpg" alt="20140413 Adelaide" width="990" height="649"></a>
Despite the overall increase in auction volumes over the week, there were three cities (Canberra, Darwin and Hobart) where the number of properties taken to auction last week was actually lower than the preceding week.
Taking a quick look around the cities, Perth’s clearance rate was almost unchanged last week at 33.3% across 55 auctions, Hobart saw a clearance rate of 50.0% with 16 auctions held across the city, Canberra had 50 auctions and a preliminary clearance rate of 65.5% and so far, one Darwin property has been reported as having successfully sold at auction.
RP Data is tracking just 590 auctions over the coming week with many of these auctions (just over 500) scheduled prior to the Easter weekend.
Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist.
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Sydney's strength lifts clearance rates: RP Data's national auction market wrap

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There were 2,669 auctions held across the combined capital cities last week, having fallen from 3,039 over the previous week.
While volumes were down when compared to the previous week, it is expected that this coming week will change that with auction volumes set to rise by 23%. Last week the preliminary auction clearance rate was recorded at 67.3% across the capital cities, compared to a final auction clearance rate of 67.7% the previous week.
At the same time last year, there were 1,308 capital city auctions and the final auction clearance rate was recorded at 61.7%.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Capital-city.jpg" target="_blank"><img class="alignnone size-full wp-image-3082" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Capital-city.jpg" alt="20140406 Capital city" width="1003" height="729"></a>
In similar fashion to previous weeks, Sydney has recorded the strongest capital city auction clearance rate at 75.4% based on preliminary collection. There were 1,124 auctions held across the city last week, compared to 1,163 the previous week when the final auction clearance rate was recorded at 75.9%.
It is probably a good time to make mention of the fact that we have noticed over the past few weeks that we are seeing some downward revision each week when Sydney’s final results are being calculated. This is more than likely due to the reporting culture of auctions, where agents hold off on reporting their successful auction until they can confirm that no after auction result has been obtained. Over the same week last year, there were 528 Sydney properties taken to auction with 66.4% of these recording a successful result.
While Sydney’s auction market showed significant strength over the first quarter of 2014, it is interesting to see that this aligned with overall market performance. According to the RP Data-Rismark Daily Home Value Index, Sydney dwelling values increased by 4.4% over the March 2014 quarter. Based on the most recent weekly update, across the private treaty market, Sydney homes are currently selling at the fastest rate of any capital city.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Sydney.jpg" target="_blank"><img class="alignnone size-full wp-image-3084" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Sydney.jpg" alt="20140406 Sydney" width="1000" height="654"></a>
For Melbourne there were 1,204 auctions across the city last week with a preliminary clearance rate of 63.4% recorded from 960 auction results compared to 66.9% recorded last weekend and 63.2% this weekend last year. Over March 2014 the clearance rate was 69.9% from 5,322 auctions.
House and unit values are definitely rising but the high auction volumes are continuing to provide buyers with increased opportunity which is also likely contributing to a lower clearance rates as buyers have a greater number of auction properties to choose from.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Melbourne.jpg" target="_blank"><img class="alignnone size-full wp-image-3083" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Melbourne.jpg" alt="20140406 Melbourne" width="1002" height="651"></a>
Last week across the Brisbane auction market we saw conditions improve with the preliminary auction clearance rate recorded at 57.9%, with 122 Brisbane auctions held over the week.
Despite the strengthening clearance rate, last week was a sharp fall in Brisbane auction volumes after the busy week prior when there were 238 auctions held and a clearance rate of 47.1%, however, over the coming week volumes are set to ramp up again, with 218 Brisbane auction scheduled so far.
When we look at the Brisbane auction market at the same time last year, there were significantly less auctions (92) while the clearance rate was recorded at 49.3%, which is generally on par with the current market performance.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Brisbane.jpg" target="_blank"><img class="alignnone size-full wp-image-3081" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Brisbane.jpg" alt="20140406 Brisbane" width="996" height="653"></a>
There were 98 Adelaide properties taken to auction last week, with the preliminary clearance rate coming in at 67.3%, compared to the previous week when the final clearance rate was recorded at 55.6% across 107 auctions.
At the same time last year, there were 54 Adelaide properties auctioned over the week, with half of the properties recording a successful result at the time of reporting.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Adelaide.jpg" target="_blank"><img class="alignnone size-full wp-image-3080" src="https://blog.rpdata.com/wp-content/uploads/2014/04/20140406-Adelaide.jpg" alt="20140406 Adelaide" width="989" height="652"></a>
Once again, auction activity across the other capital cities was much more subdued and again, results were mixed.
There were 33 auctions held in Perth last week and the preliminary clearance rate was recorded at 26.7%. Across Hobart, 22 properties went to auction with a clearance rate of 50.0% and a 43.8% clearance rate in Canberra across 66 auctions.
There were 8 auctions held in Darwin last week and so far RP Data has captured a result for 5 of these auctions. At this point, no successful results have been recorded.
There are currently 3,271 auctions being tracked by RP Data over the coming week, in what is set to be a busy week leading up to Easter.
*Melbourne auction commentary provided by Robert Larocca, RP Data’s Victorian housing market specialist
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Shana Miller

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