Auction clearance rates continue to rise, with the maket to remain quiet over Christmas: RP Data

Last week, the combined capital city auction clearance rate was recorded at 50.2%, up from 47.8% the previous week. At the same time last year, the clearance rate for the combined capital cities was recorded at 45.7%. Similar to the trend seen with clearance rates, the volume of auctions that were held across the capital cities was also higher, when compared with last year, with 2,155 auctions held last week, compared with 1,557 at the same time last year.

In Melbourne last week, the clearance rate was recorded at 56.6%, up from 52.5% the previous week. There were just under 1,000 auctions held in Melbourne over the week. Sydney’s auction clearance rate remained unchanged last week, at 51.5%, while auction volumes across the city decreased slightly from 777 the previous week to 729 last week.

There are 474 auctions scheduled across the capital cities over the next week. It is expected that the auction market will remain quiet over the Christmas and New Year period, with volumes slowly beginning to increase in late January.