Auction numbers drop across capitals

Auction numbers drop across capitals

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The number of auctions fell this week with 999 properties going under the hammer across the capital cities and a recorded clearance rate of 65.3 per cent, according to RP Data.

In contrast, there were 1,548 auctions last week with a final clearance rate of 68.7 per cent.

Melbourne’s clearance rate fell from 71.2 per cent last week to 65.9 per cent this week, while auction volumes fell from 705 last week to 445 this week.

In Sydney, there were 353 auctions held with a clearance rate of 74.5 per cent, which was a rise from the previous week when the auction clearance rate was 72.8 per cent across 588 auctions.

Whereas, Australian Property Monitors (APM) recorded rises in Sydney, Adelaide and Brisbane but a drop in Melbourne.

According to APM Sydney’s recorded clearance rate was recorded at 77.5 per cent, a growth of 0.8 per cent from last week. Adelaide rose from 56 per cent last week to 57.9 per cent this week. Brisbane saw the biggest jump rising from 49.3 per cent last week to 53.3 per cent this week. Melbourne decreased by 2.8 per cent with a result of 66.3 per cent.

Senior economist for APM, Dr Andrew Wilson said Sydney’s auction clearance rate was an exceptional result despite the fall in listing numbers the weekend before.

“This weekend’s rate of 77.5 percent continues the remarkably consistent trend of results recorded over the past month with clearance rates averaging nearly 76 percent,” he said.

“This weekend marked the beginning of the typically quiet month of July for auction listings with 289 conducted compared to last weekend’s 441.

“But in line with recent trends the lower number was nonetheless significantly higher than last year’s 249 auctions over the same weekend.”

The Real Estate Institute of Victoria (REIV) recorded a clearance rate of 71 per cent, compared to 70 per cent last weekend and 58 per cent this weekend last year. The REIV reported 344 auctions, with 243 selling and 101 passed in, 58 of them were on a vendor’s bid.

According to APM, the most expensive property was in Ascot, Brisbane where the value sold was 2.56 million dollars. At $222,500, the most affordable property was in Logan, Brisbane.

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