Auction Wrap Up – 25 July 2015

July 27, 2015/ Pricefinder / Auction Results

“Sydney and Melbourne set an auction listings record for July, despite an overall decline in clearance rates.”

Weekly Overview

Auction clearance rates continued to decline in the nation’s largest auction markets on the final Saturday for July. Sydney’s Saturday auction clearance rates remained below 80 per cent for the 3rd consecutive week. This is the longest the city remains below the significant 80 per cent mark since January. Saturday’s preliminary clearance rate of 79.7 per cent is expected to sit closer to 75 per cent after revision. The decline in clearance rates comes in contrast to a record number of listings, as hopeful vendors continue to opt for auctions as a preferred selling method. At 715, the city recorded its highest daily record for July. The figure represented a 13 per cent increase on last Saturday’s listing number and a 45 per cent increase on the last weekend in July 2014.

Melbourne clearance rates have also been on the decline. Saturday’s preliminary rate closed at 76.4 per cent, with the revised figure likely to take clearance rates south of 75 per cent for the first time since March. Simultaneously, auction listing volumes continued to rise as 745 properties were listed for auction. The number represented the highest daily record for July, rising by 14 per cent on last week’s number and by 17 per cent on the corresponding week in 2014.

Odi Reuveni / Research Manager / PriceFinder