Auction clearances increase as big weekend looms: RP Data

It is expected that there will be over 1,900 capital city auctions held over the coming week, according to RP Data.

The combined capital city auction clearance rate was recorded at 58.9% last week, up from 55.4% the previous week.

Over the same week in 2012, the auction clearance rate was considerably lower at 47.9%.

Last week, auction volumes increased substantially from 667 the week prior, to 1,116.

Last week, in Melbourne, Australia’s largest auction market, there were 541 auctions.

The clearance rate remained almost unchanged, up slightly from 65.7% the previous week to 66% last week.

Sydney’s auction clearance rate increased from 55% the week prior to 63.2% last week when 323 auctions were held in the city.

In comparison, at the same time last year, Sydney’s auction clearance rate was recorded more than 15 percentage points lower at 47.4% when there were 435 auctions held over the week.