Property Auctions Set to Rise Across All Capital Cities
As per the new data collected from CoreLogic RP Data, it is figured out that the sales proportion by auction is rising if compared with the last two years data.
It is expected that across Australia there will be 3,003 auctions, 2,539 in capital cities, compared to 2,556 last week and 2,466 for the same week last year.
CoreLogic RP Data auction spokesperson Robert Larocca said, “The use of auctions traditionally grows with prices and competition as vendors and agents seek to take advantage of the rising market”.
This rise in data have broken all the records in Sydney and Melbourne at the same time as there were more than 100,000 auctions in capital cities.
Larrocca said, “Across Australia, the highest volume of auctions in one suburb are 21 in both Reservoir (VIC) and Thornbury (VIC)”.
For Sydney, it is expected that there will be 947 this week, compared to 926 last week and 982 this week last year. Last year 30.2% of sales were by auction, up from 21.8% in 2013 and over double the 14.1% in 2012.
For Melbourne, it is expected that there will be 1,202 auctions this week, compared to 1,269 last week and 1,160 this week last year. Last year a remarkable 33.6% of sales were by auction, up from 29.4% in 2013 and 20.3% in 2012.
For Brisbane, it is expected that there will be 170 auctions this week, compared to 132 last week and 130 this week last year. Last year 6.6% of sales were by auction, up from 5.7 % the year before.
For Adelaide, it is expected that there will be 97 auctions this week, compared to 100 last week and 80 over the same week last year. Last year10% of sales by auction last year up from 8.3% the year before and nearly double the 5.8% recorded in 2012.
For Perth, the auction volumes are set to remain steady, with 45 auctions expected over the coming week, the same as the 45 recorded last week, but up from the 31 over this week last year.
News Source: http://www.brokernews.com.au/news/breaking-news/rise-in-auctions-across-all-capital-cities-198325.aspx