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RP Data National Auction Comment; Week ending 5 October, 2014

7 Oct 2014 Christies Beach 0 Comment

A preliminary weighted average clearance rate of 65.7 per cent was recorded this week across capital cities compared to 70.9 per cent last week and 69.3 per cent this time last year.

From an overall perspective this year’s market is clearly stronger than last year. So far this year there have been 68,651 auctions, 30.5 per cent more than this time last year. Over the same time an additional 12,274 homes have been sold at auction, 35.5 per cent more.

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Despite a stronger overall performance and more recently, five very strong weeks, the national clearance rate fell this week, primarily due to softening in demand in Melbourne.

In Sydney a preliminary clearance rate of 77.4 per cent was recorded compared to 76.9 per cent last week. Volumes took a temporary drop this week due to the long weekend and NRL Grand Final.

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In Melbourne there was a preliminary clearance rate of 65.6 per cent recorded compared to 77.3 per cent last week and 71.3 per cent this time last year. This weeks result provides more evidence that the Melbourne market does have limits and sellers cannot have unrealistic expectations.

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In Brisbane a preliminary clearance rate of 52 per cent was recorded compared to 48.9 per cent last week.

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Adelaide recorded a clearance rate of 63.4 per cent compared to 65.6 per cent last week.

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In Canberra a clearance rate of 25 per cent was recorded.

In Perth a clearance rate of 16.7 per cent was recorded.

Robert Larocca
RP Data Housing Market Specialist

 

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