7/28/2019 RP Data - Auctions Becoming More Popular (11 July
2013)
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Kusher said, Weve seen a significant improvement in
ction clearance rates across the combined capital cities
over
s year, combined capital city auction clearance rates haveen
recorded at an average of 63.3 per cent over the year.
roughout 2011 and 2012, clearance rates recorded much
wer averages at 47.2 per cent and 50.2 per cent respectively
hile over the same period, capital city home values fell by
-3.8
r cent and -0.4 per cent respectively. Capital city home
values
creased by 3.0% over the first six months of 2013.
verall, this represents a turnaround in fortunes for the
housing
arket over the past six months.
n interesting feature worth noting for this year is the increase
in
e number of properties going to auction.
bviously if auctions are proving to be more successful,
vendors
l be more inclined to sell their homes by this method, Mr
sher said.
n a week-to week basis, 1,445 auctions have taken place this
ar while for the same period back in 2012, there was an
erage of 1,334 auctions each week and in 2011 the average
as 1,384 auctions. Based on these figures, Mr Kusher said
that
ere are about 100 more capital city auctions each week and
the
elihood of selling at auction has increased from around a
50:50
ance to a better than 60:40 chance.
With a rising auction clearance rate it is interesting to look
at the
oportion of successful auction sales across the combined
pital cities, compared to sales by private treaty. Over the
first
arter of the year, 14.3 per cent of all sales across the
mbined capital cities were transacted by auction. The figure
ghlights that the vast majority of homes are sold by private
aty sales however, auction sales have risen from 10.5 per
cent
all sales over the first quarter of 2012, Mr Kusher said.
ross the individual capital cities there have of course been
me variances in the proportion of sales. Melbourne and
dney have the most substantial auction markets of all
stralian capital cities. Over the first quarter of 2013, 25.2
per
nt of all Melbourne sales were by auction, up from 15.8 per
nt over the March quarter of 2012.
e proportion of successful sales by auction across Sydney
has
so risen over the past year. Over the first quarter of 2012,
13.4
r cent of all sales across the city were auctions. In
mparison, 16.1% of all sales over the first quarter of this
year
ere auction sales.
verall the data highlights that as the auction clearance rate
has
proved so too has the proportion of properties going to
auction,
rticularly within Sydney and Melbourne. Although auction
lumes have risen, the vast majority of home sales continue
to
completed via private treaty. Auction clearance rates are
now
vering around levels last seen three years ago. Values over
e past year have increased by 3.8 per cent in comparison to
nual growth of around 13 per cent last time clearance rates
ere this high.
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Auctions becoming more popularP Data researcher Cameron Kusher
this week undertook an analysis of the number of properties sold by
auction around the country over
e first quarter of 2013. Coinciding with the stark improvement
in clearance rates throughout 2013, the analysis shows a sharp rise
in
uction sales.
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12
Dec-12 Jun-13
Rolling 4 week average combined capital city auction
clearance rate
Source: RP Data
0
500
1,000
1,500
2,000
2,500
3,000
Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12
Dec-12 Jun-13
Weekly number of combined capital city auctions
Source: RP Data
8.3%
5.7%
12.5%
11.2%
10.5%
14.3%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
2008
2009
2010
2011
2012
2013
Proportion of capital city homes sold by auction over
the first quarter of each year
0.9%1.1%
2.8%
4.7%
9.2%
9.2%
16.1%
25.2%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
Greater HobartPerth
Darwin
Brisbane
Canberra
Adelaide
Sydney
Melbourne
Proportion of individual capital city homes sold by
auction over the first quarter of 2013
Source: RP Data
Source: RP Data
National Media ReleaseP Data Weekly Property Pu lseeleased:
Thursday 11 July 2013
