Auction activity has risen for the second consecutive week, with 1818 homes going under the hammer across the combined capital cities this week, resulting in a preliminary clearance rate of 56.1 per cent.
CoreLogic noted this volume is 7.6 per cent higher than last week when 1689 auctions took place and 5.2 per cent higher than this time last year, when 1728 auctions were held.
This week did, however, mark the seventh consecutive week that the initial success rate has held below 60 per cent.
This week’s preliminary clearance rate is also down slightly on last week when an initial success rate of 56.4 per cent was recorded.
That later revised for to 53 per cent at final figures, which CoreLogic noted was the lowest final clearance rate since early May 2020.
Melbourne
There were 712 auctions in Melbourne this week, compared to 675 over the previous week and 772 this time last year.
Of the 595 results collected so far, 57 per cent were successful.
That figure was 1.4 percentage points higher than the previous week’s preliminary clearance rate of 55.6 per cent, which revised down to 52.2 per cent at final figures.
This time last year, 70.8 per cent of Melbourne auctions were successful.
Sydney
In Sydney, 678 homes were taken to auction this week, up from 638 over the previous week and 585 this time last year.
Of the 530 results collected so far, 56.6 per cent were successful.
This was down slightly from last week’s preliminary clearance rate of 56.9 per cent, which revised down to 54 per cent at final figures.
This time last year, 72.8 per cent of auctions were successful.
CoreLogic notes withdrawal rates remain high across Sydney.
This week 25.1 per cent of the 530 results collected so far reported as withdrawn, holding above 20 per cent for the fifth consecutive week.
The smaller capitals
Across the smaller capital cities, Adelaide recorded the strongest preliminary clearance rate (71.1 per cent), followed by Canberra (59.2 per cent), Brisbane (39.6 per cent) and Perth (36.4 per cent).
Brisbane was the busiest auction market this week, with 182 homes taken to auction, followed by Adelaide (133), Canberra (97) and Perth (16). There were no auctions in Tasmania this week.
Domain results
Domain has reported a preliminary clearance rate of 53.7 per cent after tracking 1487 auctions across the major capitals.
So far, results are in for 988 of those auctions, with 531 properties selling (to the value of $423.5 million), while 208 properties were withdrawn.
Last week, the final clearance rate settled at 51.8 per cent after 1442 auctions took place.
Results were provided for 1245 of those actions, with 645 properties selling (to the value of $506.7 million), while 193 properties were withdrawn.
This time last year, the clearance rate was 69.2 per cent after 1757 properties went to auction.
Results were provided for 1352 of those auctions, with 936 properties selling (to the value of $1169.4 million), while 337 properties were withdrawn.
Sydney
Sydney has returned a preliminary clearance rate of 50.9 per cent after 575 properties went to auction.
So far, results are in for 340 of those auctions, with 173 properties selling (to the value of $149 million), while 118 properties were withdrawn.
Last week, Sydney’s final clearance rate was 50.6 per cent after 597 properties went to auction.
Results were provided for 510 of those auctions, with 258 properties selling (to the value of $232.6 million), while 114 properties were withdrawn.
This time last year, Sydney’s clearance rate was 71.3 per cent after 507 properties went to auction.
Results were provided for 474 of those auctions, with 338 properties selling (to the value of $568.7 million), while 105 properties were withdrawn.
Melbourne
Melbourne’s preliminary clearance rate is currently sitting at 55 per cent after 627 properties went to auction.
So far, results are in for 451 of those auctions, with 248 properties selling (to the value of $198.4 million), while 68 properties were withdrawn.
Last week, Melbourne’s final clearance rate was 52.9 per cent after 598 properties were taken to auction.
Results were provided for 527 of those auctions, with 279 properties selling (to the value of $207.1 million), while 58 properties were withdrawn.
This time last year, Melbourne’s clearance rate was 66.6 per cent after 994 properties went to auction.
Results were provided for 656 of those auctions with 437 properties selling (to the value of $449.4 million), while 191 properties were withdrawn.
Ray White results
The Ray White Group is reading for their busiest auction week in six weeks next week, noting their auction activity continues to climb upwards with increasing volumes around Australia.
On Saturday the real estate group had 351 properties scheduled across the country and a 56 per cent preliminary national clearance rate.
There was action on 85 per cent of all auctions, and 3.4 average registered bidders per lot and 2.2 active bidders on each one. This week the group had 567 auctions booked, increasing to 666 next week.
Of the capital cities, Adelaide was once again the standout, with a 78 per cent clearance and 6.6 average registered bidders and 3.2 of them active.
Meanwhile records tumbled in Brisbane where Matt Lancashire of Ray White New Farm, broke his own auction record with a $10.210 million auction sale in blue chip Hawthorne.
Mr Lancashire said he had interest in the trophy home from all over the world.
“My phone blew up. We had interest coming from everywhere. We had four local buyers and one international buyer on the phone today. Once the property was announced on the market at just over $10 million then two locals battled it out,” he said.
“The high end is still going gangbusters.
“After this campaign I now have five new high-end buyers who are actively looking for a renovated house around $15 million.
“We had four offers on this property and we had 70 inspections and we had inquiries from all over the world.”
Sydney
Ray White New South Wales Chief Auctioneer Alex Pattaro said the Sydney market was extremely price sensitive.
“It was another typical winter selling weekend for Ray White’s Sydney auctions. The market is extremely price sensitive. If properties are priced right, they are obtaining the lion’s share of buyers,” Mr Pattaro said.
“Buyers remain on the fence and cautious however, engaging with properties after auction.
“Our six-week auction clearance rate is 71.8 per cent over the last 90 days, which is a clear indication that properties are still transacting. Although it’s just taking a little bit more time.”
Melbourne
Ray White Victoria Chief Auctioneer Matt Condon said the network had seen another strong day of auction volume across the state.
“Although the rain and weather held back crowd sizes it did not deter bidders from attending auctions and securing their desired property,” he said.
“Today, it was noticeable that a number of buyers were holding back waiting for properties to be announced ‘on the market’ before engaging in the auction.
“However, once announced “on the market” it was good to see competitive bidding and momentum past that point.
“Despite all the noise surrounding the real estate landscape, it is important to note that if a buyer sees value in a property, they will bid and buy.
“This is evident with any auction campaign where the vendors expectations are in line with the market.
“These properties are being rewarded with more inspections, bidders and ultimately a better result on auction day.”
Queensland
Ray White Queensland Chief Auctioneer Gavin Croft said great agents were worth their weight in gold right now as they helped their sellers make decisions.
“If the work is not being put in, if there’s not enough evidence, it’s really difficult for some sellers to make decisions,” he said.
“It’s such a consistent theme at the moment – if the sellers don’t have a real grasp on where this market is sitting, and if they haven’t been given enough information from their agent then it’s hard for them to make an astute decision.
“Great agents are certainly helping in this market because 60 and 90 days ago sellers were getting higher prices. Now they’re not.
“Auction remains the best way for anyone to identify their market and we had a lot of positive results again this week.”
Adelaide
Ray White South Australia Chief Auctioneer John Morris said South Australia continued to buck the trend of most of the rest of the country by reporting a clearance rate above 80 per cent.
“And while we’re hearing stories of no-one turning up at auctions elsewhere in the country, some 95 per cent of all auctions in and around Adelaide had bidder activity last week, with an average of five bidder registrations per auction,” Mr Morris said.
“Our state’s real estate market continues to look extremely healthy.”
