Auction volumes have again surpassed the 3000 mark, making this weekend the second busiest of the year so far.
CoreLogic tracked 3062 auctions across the combined capitals, with the preliminary clearance rate currently sitting at 69.8 per cent.
The volume is significantly higher than last week, when a public holiday in four capitals, including Melbourne, saw 2054 homes go to auction.
Last week the preliminary clearance rate was 72.2 per cent and revised down to 68.9 per cent at final figures.
This time last year, 2719 properties were taken to auction and the final clearance rate was 80.9 per cent.
CoreLogic noted this is the second time this year the preliminary clearance rate has dipped below 70 per cent and the final clearance rate will likely hold below that mark for the third consecutive week once final figures are collected.
Melbourne
Melbourne was host to 1504 auctions this week, up from 608 over the previous week and 1322 this time last year.
Of the 1260 results collected so far, 68.9 per cent have been successful. This is down from the previous week’s preliminary clearance rate of 71.9 per cent, which revised down to 68.6 per cent at final figures.
Over the same week last year, 78.8 per cent of reported auctions were successful.
Sydney
In Sydney, 1005 homes were taken to auction across the city, similar to both the previous week (1008) and this time last year (1025).
The clearance rate was down slightly week-on-week, with 69.7 per cent of the 824 results collected so far reporting a successful result.
The previous week saw a preliminary clearance rate of 70.4 per cent, revising down to 67.1 per cent at final figures, while this time last year, 85 per cent of reported auctions were successful.
The smaller capitals
Across the smaller capitals, Adelaide recorded the highest preliminary auction clearance rate (83.6 per cent), followed by Canberra (76.2 per cent) and Brisbane (61.2 per cent).
In Perth, 12 results have been collected so far, reporting a 41.7 per cent clearance rate.
Adelaide was the busiest auction market this week with 195 homes taken to auction across the city, followed closely by Brisbane (189).
Canberra was host to 150 auctions this week, while 19 auctions were held in Perth. There were no auctions in Tasmania this week.
Domain results
Domain has reported a preliminary clearance rate of 68.6 per cent after tracking 2475 auctions across the major capitals.
So far, results are in for 1749 of those auctions, with 1200 properties selling (to the $1078.2 million), while 262 properties were withdrawn.
Last week, the clearance rate settled at 65 per cent after 1575 properties went to auction.
Results were provided for 1303 of those auctions, with 847 properties selling (to the value of $844.2 million) while 219 properties were withdrawn.
This time last year, the clearance rate was 79.5 per cent after 2135 properties were taken to auction.
Results were provided for 2094 of those auctions, with 1664 properties selling (to the value of $2299.5 million), while 111 properties were withdrawn.
Sydney
Sydney’s preliminary clearance rate this week was 68.3 per cent after 866 properties were taken to auction,
So far, results are in for 546 of those auctions, with 385 properties selling (to the value of $428.8 million), while 120 properties were withdrawn.
Last week, Sydney’s clearance rate was 64.8 per cent after 887 properties were taken to auction.
Results were provided for 728 of those auctions, with 472 of those properties selling (to the value of $552 million), while 141 properties were withdrawn.
This time last year, the clearance rate was 84.4 per cent after 835 properties were taken to auction.
Results were provided for 813 of those auctions, with 686 of those properties selling (to the value of $1200.6 million), while 42 properties were withdrawn.
Melbourne
Melbourne’s clearance rate this week was 67 per cent after 1290 properties were taken to auction.
Results were provided for 975 of those auctions, with 653 properties selling (to the value of $534.8 million), while 118 properties were withdrawn.
Last week, Melbourne’s final clearance rate settled at 64.4 per cent after 421 properties were taken to auction.
With volume lower due to a public holiday, 351 results were provided with 226 properties selling (to the value of $180.8 million), while 40 properties were withdrawn.
This time last year, Melbourne’s clearance rate was 76 per cent after 1098 properties were taken to auction.
Results were provided for 1070 of those auctions, with 813 properties selling (to the value of $951.7 million), while 61 properties were withdrawn.
Ray White results
With clear skies across most of Australia’s capital cities on Saturday, the Ray White Group reported buyers were not shy about getting into the auction action.
“There would be few buyers not considering the looming rate rise expected later in the year, the uncertainty overseas and an election on the horizon, but many are still eager to take advantage of more stock on the market as long as the price is right,” they noted.
On Saturday, 4.7 registered bidders attended a Ray White auction while three actively participated in the bidding. The day’s clearance rate came in at 78 per cent.
Meanwhile, the buyers who managed to outlast their competitors bid on average 11 per cent more than the highest offer during the campaign, proving how eager they were to secure the property of their dreams.
Of this week’s auction buyers, 76 per cent were owner occupiers while another 20 per cent were investors, the Ray White Group noted.
“During the week, 9 per cent of all auction buyers were from interstate – Adelaide auction buyers smashed that number at 18 per cent, while so far 3 per cent were from overseas.
“The international buy-up appears to have had a slow start but will no doubt pick up speed later in the year.”
New South Wales
Ray White New South Wales chief auctioneer Alex Pattaro said the Sydney market remained competitive but particularly across top tier properties.
“While buyers remain cautious and fear overpaying, many of the registered buyers that we are seeing are looking to transact and secure a home before Easter,’ Mr Pattaro said.
“This should give sellers confidence that the buyers within the market are ready to transact now and typically pay the best prices within the market.”
Victoria
Ray White Victoria and Tasmania CEO Stephen Dullens said it was another beautiful Saturday in Melbourne, offering perfect conditions for a busy day of auctions.
“We’ve seen one of our busiest auction weeks so far in 2022,” Mr Dullens said.
“Across Victoria we have over 200 scheduled auctions this week – our second biggest week so far this year and despite more auctions being scheduled, the network still achieved strong results.”
Queensland
Ray White Queensland chief auctioneer Gavin Croft said there were some significant results on Saturday.
“What’s been interesting today is the depth right across our auction data, so the number of buyers that have participated are almost in line with the registrations,” Mr Croft said.
“The key thing was depth in the bidding but also the ferocity bidders are showing.”
South Australia
Ray White South Australia chief auctioneer John Morris said the weekend marked the end of the 2022 Adelaide Fringe Festival, one of the largest festivals of its kind in the world.
“So mad March is coming to an end for many but for Ray White, one of the world’s best auction groups, we ensure that the madness continues in our great state,” Mr Morris said.
“Bidder numbers continue to remain high and above eight per auction, clearance rates are consistently coming in at an excess of 80 per cent and our auction share hovers around the 35 to 40 per cent mark, which is pretty consistent with the year so far.
“The election has not put the buyers off and they continue to come out in force today. Is the market slowing down? Well, I’m certainly seeing no sign of it from my vantage point.”
