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 per cent over the previous week to 68.9 per cent 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.
There were 1,471 auctions held across Sydney last week, which means auction volumes have risen by nearly 30 per cent 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 per cent, compared to 73.2 per cent over the previous week and just 67.2 per cent 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 preliminary clearance rate of 64.2 per cent was recorded last week in Melbourne from 1,143 auction results compared to 63.6 per cent recorded the previous week and 66.5 per cent 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 per cent 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.
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 per cent, compared to a final auction clearance rate of 52.8 per cent 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 per cent. 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.
Adelaide’s preliminary clearance rate for last week was recorded at a strong 73.8 per cent, up from 62.1 per cent 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 per cent across the 63 properties that were taken to auction.
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 per cent across 55 auctions, Hobart saw a clearance rate of 50.0 per cent with 16 auctions held across the city, Canberra had 50 auctions and a preliminary clearance rate of 65.5 per cent 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.