Despite dismal weather in some capital cities, property buyers flocked to the auctions on the weekend. Last week was the second hottest seven-day period for real estate auctions so far this year, according to RP Data.
The preliminary auction clearance rate was 69.6% for the week, compared to 68.3% the previous week (see graph 1 below) as the number of properties that went under the hammer rose to 2,813 from 2,548.
Graph 1: weekly clearance rate, combined capital cities
In Sydney, the preliminary auction clearance rate was just over 80 at 80.6% and, in Melbourne, it is also edging higher at 73.3% (see table 1 below).
Table 1: This Saturday, 16 November 2013
And the revised data for the week before shows a drop in the auction clearance rate in Sydney to 75.7% and Melbourne coming in at 71.6% (see table 2 below). But don’t be put off by the lower numbers. The number of properties actually being sold at auction is on the rise, with 535 in Sydney a week ago and 597 in Melbourne.
Table 2: Last Saturday, 9 November 2013
This time last year the auction clearance rates were still much lower, at 58.5% in Sydney and 61.9% in Melbourne, with 289 and 488 properties sold in those cities respectively (see table 3 below).
Table 3: Saturday,17 November 2012
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.
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