Public holiday pulls down auction volumes

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Upcoming long weekends across the country mean Australia’s auction market is set to be somewhat subdued this week.

With Monday to be a public holiday in Melbourne, Canberra and Adelaide only 1,371 auctions are set to be held this weekend according to CoreLogic RP Data, well down on the 2,304 held last week.

Last week’s national clearance rate finalised at 68.6%, breaking a five-week run where it had finished above 70%.

Source: CoreLogic RP Data

Melbourne is easily the main reason for the fall in volumes nationally, with auction numbers down 70% over the week.

Last week saw the Victorian capital hold 1,236 auction, while only 378 are scheduled for this week.

Melbourne’s final clearance rate of 72.1% last week was the highest clearance rate in any individual market.

Melbourne’s fall in auction volumes means Sydney is by far the busiest market this week, with 671 homes scheduled to go under the hammer compared to the 708 that did last week.

Mosman, on Sydney’s north shore will be the busiest suburb this week with 17 auctions scheduled, followed by Lane Cove with 15.

Sydney had the second highest clearance rate of any market last week, returning a final result of 68.7%.

Volumes in Brisbane look to be slightly up this week, with 140 auctions scheduled for the city after it held 133 last week.

Of the capital cities, Brisbane’s final clearance rate last week of 50.9% was the second lowest recorded.

The long weekend hasn’t had quite the effect in Adelaide as it has in Melbourne, with 91 auctions scheduled this week, only slightly down on last week’s 99.

Auctioneers will have a more relaxed week in Canberra however, with volumes falling by more than half.

The national capital held 88 auctions last week and returned a clearance rate of 67.5%, but only 37 auctions are scheduled for this week.

Volumes are expected to rise slightly in Perth, which had the nation’s lowest clearance rate at 21.7%. with 38 auctions scheduled compared to last week’s 29.

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