Auction Wrap Up – 1 August 2015

August 3, 2015/ Pricefinder / Auction Results

“Sydney and Melbourne coming neck and neck as clearance rates continue to decline.”

Weekly Overview

Sydney and Melbourne closed the first Saturday of August with a preliminary auction clearance rate below 80 per cent for the fourth and eighth week in a row respectively. The figures are likely to decline further upon revision, continuing a three-month downward trend for Sydney and a two-month trend for Melbourne. In August 2014 Sydney’s clearance rates jumped from 73.4 per cent on the first Saturday of the month to 78.8 per cent on the last two Saturday’s. This performance is unlikely to be replicated this year, despite a year-on-year increase in the number of weekly listings.

In Sydney, Saturday’s auction listing numbers represented a 52 per cent increase on the corresponding weekend in 2014. However, the weekend’s listing number was below last week’s figure.

Melbourne also recorded strong numbers, with 648 auction listings representing a 23 per cent increase from the first weekend in August 2014, but closed below last week’s 740 listings.

Odi Reuveni / Research Manager / PriceFinder