Auction volumes skyrocket as clearance rate plummets

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Australia’s capital cities could be preparing for their busiest auction week since Easter, with the total number of auctions closing in on 3,000.

New figures from CoreLogic RP Data show there are 2,842 auctions scheduled across the country this week, up from the 2,593 scheduled last week. 

The increased volume could mean another week of low clearance rates however, after last week’s final capital city weighted average came in at 69.9%.

Melbourne has narrowly pipped Sydney as the country’s busiest city this week, with the Victorian capital set to hold 1,206 auctions, up from the 1,127 last week.

Sydney has also seen a similar rise in its volumes over the week, with the harbour city set to hold 1,198 auctions this week compared to 1,041 last week.

Melbourne’s Reservoir will be 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 has also seen a rise in volumes. The South Australian capital last week recorded a clearance rate of 71.4%, good for the second highest national result. Auction numbers in the city will rise from 99 to 130 this week.

Brisbane is also set for a busier weekend, with 202 homes in the Queensland capital set to go under the hammer compared to 143 last week.

Canberra (58 this week compared to 118 last week) and Perth (25 this week compared to 31 last week) are the only two cities where the number of auctions is down week on week; however, both cities' current auction activity is higher than it was one year ago.

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  • Tony says on 25/09/2015 02:26:10 PM

    Phill McCarroll

    How do you justify a headline Clearance Rate Plummets, in anyones laungage 70% is a very healthy market

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