Auction Wrap Up – 7 May 2016
- The first weekend in May registered 1,654 listings across the major auction markets, representing a fall of 26 per cent from the previous weekend.
- The clearance rate softened to 70.1 per cent, in line with the fall in the number of auctions.
- Despite a recent decline in listing numbers, May’s average listing numbers look promising, with an average of 1,648 listings per Saturday against March and April’s average of approximately 1,500 listings per Saturday.
- Expect a below-average listing number for the next two weekends, and a rise to above 1,800 listings on the last Saturday of the month.
- Melbourne recorded a 28 per cent fall in listing numbers as it eases into May after a strong end to April.
- On the weekend, 912 properties were listed for auction compared to 1,270 listings last weekend, and 905 for the corresponding weekend in 2015.
- The clearance rate of 73.1 per cent continued a five-week run of above 70 per cent clearance. The city cleared over 70 per cent of stock in all but three weekends since February, signalling good momentum in the lead up to winter, despite falling short of last year’s high-seventies result.
- Expect listing numbers to remain above 700 per Saturday for the rest of May. The clearance rate is likely to hold firm for the next few weeks.
- The auction clearance rate in the Harbour City softened on the weekend, in line with the broader market. The preliminary 71.6 per cent rate was 2.2 percentage points below last week’s, despite the lower stock for sale. The clearance rate is likely to close below 70 per cent once revised.
- Saturday’s figure indicates a return to the long-term norm compared to the corresponding weekend last year when the clearance rate was 86. 5 per cent, the highest in 2015 and the second-highest on record.
- Auction listing numbers fell after a strong performance on the last weekend of April. However, the 523 listings recorded on Saturday were higher than the three-month average of 510 listings per Saturday.
- On the coming Saturday, listing numbers are expected to be slightly below the three-month average, with 483 properties currently listed for auction.
* Saturday’s auction clearance rates are preliminary.Buy Auction Data Series
Based on 61 reported auction results out of 126 listed auctions.
Based on 378 reported auction results out of 523 listed auctions.
Based on 733 reported auction results out of 912 listed auctions.
Based on 27 reported auction results out of 60 listed auctions.
Week ending 7th May 2016
There were 126 Auctions in Brisbane this weekend.
There were 523 Auctions in Sydney this weekend.
There were 912 Auctions in Melbourne this weekend.
There were 60 Auctions in Adelaide this weekend.