Auction Wrap Up – 31st October 2015

November 2, 2015/ Pricefinder / Auction Results

“New listing record for Melbourne and Sydney”

The last Saturday of the month was marked by record listing number for Sydney, while Melbourne recorded its strongest ever performance for a pre-Cup Saturday.

Sydney

The Harbour City’s 1,083 listings represented the highest Saturday activity on record, overtaking the second weekend of April 2014 (1,077 listings). However, the high listing number, along with factors outside the auction market continued to exhort pressure on clearance rates. Saturday’s clearance rate closed at 63.4 per cent (prelim.) which upon revision is likely to fall below 60 per cent. Despite showing little change from last week, the result was 13.4 percentage points below the corresponding period in 2014. Currently, the November auction numbers appear to trend down, with 966 listings for the first Saturday of the month, and 897 for the second weekend.

Melbourne

Melbourne recorded its highest listing numbers for a pre-Cup Saturday, with 490 scheduled auctions. The figure was 271 per cent above the pre-Cup Saturday last year and almost double (96 per cent) above the five-year average. The Victorian capital once again beat its northern neighbour’s clearance rate, with a preliminary figure of 66.3 per cent. The result was below last week’s 68.1 per cent, in a range last recorded in the period between mid December 2014 and early February 2015. Looking ahead, numbers are expected to peak above 1,200 on the second Saturday of the month, before declining on the last two weekends.

Odi Reuveni / Research Manager / PriceFinder