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Three capital cities love auctions, another three can take them or leave them, while the final two don’t seem to care.
Melbourne vendors were the most enthusiastic users of auctions in 2014-15, with 39 per cent of homes selling under the hammer, according to CoreLogic RP Data. That included a 38 per cent share for houses and a 41 per cent share for units.
In Sydney, 38 per cent of properties sold at auction in the last financial year, including 40 per cent of houses and 32 per cent of units.
Australia’s other strong auction market was Canberra, where 36 per cent of properties sold under the hammer, with 46 per cent of houses going to auction and 17 per cent of units.
There was then a big drop-off to Adelaide, where 16 per cent of properties went to auction. Houses had an 18 per cent auction rate and units had an 11 per cent rate.
Brisbane had an 11 per cent auction rate, with 12 per cent of houses and 7 per cent of units selling under the hammer.
Darwin also had an 11 per cent auction rate – that included 14 per cent for houses and 6 per cent for units.
There was then another big drop-off to Perth, where 3 per cent of properties sold under the hammer, including 3 per cent of houses and 1 per cent of units.
Hobart vendors sold 2 per cent of their properties at auction – 3 per cent of houses and 1 per cent of units.
CoreLogic RP Data auction statistics from 2006-07 to 2014-15 show that five of Australia’s capitals have experienced big fluctuations in their support for auctions.
During those nine years, Melbourne’s auction rate for all homes reached a low of 28 per cent in 2008-09 and a high of 41 per cent in 2007-08.
Sydney ranged between 20 per cent in 2008-09 and 38 per cent in 2014-15.
Canberra ranged between 20 per cent in 2006-07 and 36 per cent in 2014-15.
Adelaide reached a low of 9 per cent in 2008-09 and a high of 21 per cent in 2007-08.
Darwin’s extremes were 6 per cent in 2008-09 and 15 per cent in 2009-10.
Meanwhile, Brisbane held steady between 9 per cent and 11 per cent, Perth ranged between 2 and 3 per cent, and Hobart swung between a low of 0 per cent and a high of 5 per cent.
[LinkedIn: Which is generally better – auction or private treaty?]
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