The long weekend delivered both a lower volume of auctions and a softer clearance rate as most states and territories kicked back to enjoy the Queen’s Birthday public holiday.
This week, CoreLogic reported 694 capital city homes were scheduled for auction, with preliminary results returning a 59.8 per cent clearance rate.
The previous week saw 856 homes scheduled for auction and a final clearance rate of 61.3 per cent – the third week in a row where the final clearance rate held above 60 per cent.
One year ago, there were 805 homes taken to auction and a 48.3 per cent clearance rate was recorded.
Melbourne
The Victorian capital was riding high after increased volumes and a solid clearance rate the week prior.
This week 189 homes were scheduled to go under the hammer and by Sunday, 128 auctions had been reported, returning a preliminary success rate of 64.1 per cent.
The previous week saw a final clearance rate of 65.1 per cent across 261 auctions.
Sydney
In Sydney, 388 homes were scheduled for auction this week, returning a preliminary clearance rate of 62.2 per cent across 249 results.
In comparison, last week saw 452 homes taken to auction with a success rate of 63.9 per cent.
Domain results
Over at Domain, the weekend’s results indicated both volumes and the clearance rate remained steady, with the success rate continuing to linger in the mid 50 per cent range.
Nationally 507 properties were slated to go to auction at the weekend, with 288 auctions reported, 202 properties sold at a combined value of $151.4 million and a clearance rate of 56.4 per cent. Seventy properties were withdrawn which was less than the week prior when 85 were pulled prior to auction.
Last week 595 properties were scheduled for auction nationally, with 440 reported. Of those 294 sold for a combined value of $225.3 million and a clearance rate of 56 per cent.
Meanwhile on the same weekend last year, 510 properties were listed for auction, 392 results were reported, 225 properties sold for a collective value of $222.6 million, and 63 properties were withdrawn for a clearance rate of 49.5 per cent.
Sydney
Sydney was this week’s better performer in terms of volume, with 313 properties listed for auction, 167 results reported, and 127 properties sold for a combined value of $105.7 million. Fifty-seven properties were withdrawn, resulting in a clearance rate of 56.7 per cent.
That was only a slightly lower volume than last week when the harbour city had 369 properties listed, 253 results were reported, 180 sold for a combined value of $153.7 million and 68 properties were withdrawn for a clearance rate of 56.1 per cent.
Melbourne
This week Melbourne had 143 properties listed for auction, 92 results were reported, 58 properties sold for a combined value of $34 million. Eleven properties were withdrawn and the clearance rate came in at 56.3 per cent.
The week prior Melbourne had 175 properties listed for auction, 141 results were reported, 92 properties sold for a combined value of $51.2 million, and 16 properties were withdrawn leading to a clearance rate of 58.6 per cent.
Ray White results
Ray White noted winter weather and a long weekend did little to cool bidders enthusiasm, as a string of exceptional results highlighted the time is now to market and sell a property.
Ray White Group booked a preliminary national clearance rate of 58.2 per cent, with Sydney the standout performer.
The city enjoyed a preliminary clearance rate of 70.6 per cent, with an average of 5.1 registered and three active bidders per auction.
Ray White Managing Director Dan White said vendors who were considering selling should take the recent sales as a barometer of just how deep the buyer pool was at the moment.
“There’s no doubt increasing vendor confidence is resulting in a closing of the gap in terms of the number of scheduled auctions when compared to last year,” Mr White said.
“We continue to see a record average number of bidders per property, and not surprisingly, we’ve seen the auction campaign clearance rate for the past week remain firm at 54 per cent.”
New South Wales
Ray White NSW Chief Auctioneer Alex Pattaro said it was another strong auction week in Sydney that continued to defy negative property speculation.
“We’re seeing a clear indication of the strength in the market. We’re seeing strong prices and suburb records being broken across all parts of Sydney,” Mr Pattaro said.
“Buyer sentiment and confidence remains red-hot and we saw energetic socially-distanced crowds across many auctions today, with an average of five registered bidders per auction.”
It was Sydney that played host to the day’s preliminary biggest sale as Ray White Surry Hills Director Shaun Stoker and Sales Executive Moira Verheijen successfully managed the $2,640,000 sale of 13 Pleasant Avenue in Erskineville – a massive $340,000 over reserve.
“We had a huge 187 people through during the campaign and we decided to bring the auction forward a week because of the extraordinary amount of interest we had,” Mr Stoker said.
“There’s no doubt the time to be selling is now – the property market is very much alive and kicking. We had 10 registered buyers today and the six active bidders competed vigorously.
“To have that many people through during a campaign is exceptional in any market. Pleasant Avenue is one of the top three inner-city streets, and the registered bidders knew it.
“Interestingly, the last three bidders were all looking to upsize from within the local area, and the winning bidders were a young local couple, living just around the corner.”
Victoria
Ray White Victoria and Tasmania Chief Auctioneer Matt Condon said next week was set to be one of the biggest weeks of scheduled auctions in the last 10 weeks.
“We’ve seen an increase in the number of properties sold prior to going under the hammer, as well a healthy number of registered and active bidders across our auctions,” Mr Condon said.
“It’s great to see a high level of confidence in our real estate market and this is evidenced by competitive bidding and properties selling above their reserve price.”
Queensland
Ray White QLD Chief Auctioneer Mitch Peereboom said there was a huge amount of activity across the Sunshine State this week.
“Across our auctions, we had 4.1 registered bidders on average and we represented 66 per cent auction market share in Brisbane alone,” Mr Peereboom said.
“We’ve seen competitive bidding but we also saw buyers able to compete in a transparent unconditional environment – the strength of this marketplace is so much on show at auction.”
South Australia
Ray White SA Chief Auctioneer John Morris celebrated a 100 per cent auction day clearance rate across the South Australian market on Saturday.
“Of the 18 auctions held across South Australia this week, we dominated yet again, with just under 65 per cent of auctions listed,” Mr Morris said.
“We continue to hold the top spot until the end of the financial year as we currently have 39 per cent of auctions under our yellow banner – but there are plenty more to come to market.”
