While Melbourne continues to fluctuate, Sydney’s preliminary clearance rate is on the rise, this week coming in at 71.9 per cent, while the national success rate held steady at 64.7 per cent.
CoreLogic reports 1082 capital city homes were taken to auction this week, a slight increase on the 1046 homes auctioned the week prior.
According to preliminary results, 64.7 per cent returned a successful result, which was a minor improvement on last week’s preliminary figure of 64.3 per cent, that later revised down to 58.4 per cent at final collection.
“The last few weeks have seen both the clearance rate and number of homes taken to auction relatively steady each week, with volumes remaining around the 1100 level and final clearance rates around the mid- to-high 50 per cent range,” CoreLogic said.
“The performance across the two largest capital cities has been quite diverse as Melbourne continues to navigate through lockdown restrictions resulting in lower levels of activity and higher withdrawal rates, while Sydney has seen volumes trending higher over the past few months and consistently higher year-on-year.”
Melbourne
In Melbourne, preliminary results showed that only half of the homes taken to auction this week were successful, down on last week’s preliminary figure of 63.6 per cent (final 53.7 per cent).
The lower clearance rate was across a slightly higher number of auctions held with 223 homes taken to auction, up on the 191 over the week prior.
“Of the 183 results so far, 41 per cent are reportedly withdrawn auctions, which is higher than last week’s final withdrawn rate (33 per cent).” CoreLogic said.
Sydney
There were 632 Sydney homes taken to auction this week, returning a preliminary auction clearance rate of 71.9 per cent.
This was an improvement on last week preliminary figure of 67.8 per cent which later revised down to 61.9 per cent at final collection.
“Volumes were a higher 668 last week across the city, however,” CoreLogic noted.
“One year ago, a lower 503 Sydney homes were taken to auction returning a higher success rate (78.1 per cent).
The smaller capitals
Canberra continues to be the standout performer, with 87.8 per cent of auctions successful this week at preliminary collection.
Domain results
Domain’s figures illustrated a similar trend, with the national preliminary clearance rate sitting in the mid-60s, driven up by a solid success rate of 70.9. per cent in Sydney.
This week they reported 703 properties were listed for auction, returning a preliminary clearance rate of 65.7 per cent.
Of those, 430 results were reported, 357 properties were sold (to the value of $290.5 million) and 113 were withdrawn.
Last week, the clearance rate settled at 50.1 per cent after 741 properties were listed for auction, 542 results were reported, 404 sales were made (to the value of $310.7 million) and 130 properties were withdrawn.
This time last year, the clearance rate sat at 71.3 per cent, with 1223 properties listed for auction, 1058 results reported, 799 sales made (to the value of $903.6 million) and 62 withdrawals.
Melbourne
The Stage 4 lockdown in Melbourne continues to weigh heavily on the national statistics, with this week’s preliminary clearance rate for Melbourne coming in at 53.2 per cent.
This was derived from 139 properties listed for auction, 63 results reported, 58 sales made (to the value of $26 million) and 46 withdrawals.
Last week, Melbourne’s clearance rate was slightly higher (58.4 per cent) off a similar volume (126 properties listed or sale). Of those, 74 results were reported, 66 sales were made (to the value of $44.1 million) and 39 properties were withdrawn.
This time last year, Melbourne was of course enjoying much rosier figures, with a clearance rate of 72.9 per cent off the back of 632 properties listed for sale. Of those, 556 results were reported, 414 sales were made (to the value of $390.7 million) and just 12 properties were withdrawn.
Sydney
Despite the doom and gloom widely reported in the media, Sydney is holding remarkably steady in terms of both volume and clearance rate compared to both recent weeks and last year.
This week, Sydney delivered a preliminary clearance rate of 70.9 per cent from 449 properties listed for sale. Breaking it down, 284 results have so far been reported, resulting in 241 sales (to the value of $225.8 million), while 56 properties were withdrawn.
Last week, Sydney returned a clearance rate of 61.8 per cent from slightly higher volume. Of the 526 properties listed for sale, 391 results were reported, and 295 sales were made (to the value of $241.6 million), while 86 properties were withdrawn.
This time last year, Sydney had a clearance rate of 74.9 per cent from 447 properties listed for sale. Of those, 378 results were reported, 314 sales were made (to the value of $460 million) and 41 properties were withdrawn.
Ray White results
Ray White also reported encouraging results, with the group recording its best week ever by way of registered and active bidders across the country. The group’s data recorded six registered bidders per lot nationally, an increase of 2.9 on a year ago.
Across Australia, Ray White also booked 334 auctions, 10 per cent higher than the same week last year, and the preliminary clearance was sitting on 61 per cent.
Even in the middle of the lockdown in Melbourne, the group’s agents sold 10 of the 12 properties they had scheduled via online auction on Saturday.
Ray White Victoria CEO Stephen Dullens said buyer confidence continued unabated with the group’s data showing the highest levels of both registered and active bidders per auction on record.
“Buyers were out in virtual force this week with more than eight registered bidders on average per auction this week in Victoria as auction numbers and listings on the market continue to decline,” Mr Dullens said.
“It was another weekend where our auctioneers called auctions from their homes but this proved to be a very welcome outcome on what was a cold, rainy Melbourne winter’s day.
“Vendors who chose to leave their campaigns in place were once again well rewarded, while the number of auctions selling prior to auction also indicates strength in the market.
“Online auctions are providing great opportunities for vendors. With well over 100 sales transacted by Ray White VIctoria in the last seven days, despite Stage 4 and Stage 3 restrictions across the state, it is clear the Victorian property market remains resilient and active despite recent challenges.”
New South Wales
Ray White New South Wales Chief Auctioneer Alex Pattaro said they saw a strong number of registered bidders across Sydney’s auctions on Saturday.
“We had an average of six registered bidders with three being active. Buyers are on the hunt and agents are reporting solid numbers at open for inspections.
“Despite all the metrics heading in the right direction, volume remains subdued across all of Sydney. However, expect a spike in listings over the coming month.
“Agents are indicating there are more buyers than sellers, ensuring vendors maximum price.
“Based on our current auction data, we see no reason why sellers would hesitate coming to market. Now is the time.”
Victoria
Ray White Victoria Chief Auctioneer Matt Condon said buyers logged in from the comfort of their own home on a wet and gloomy Saturday to bid on a range of property going to auction across the state.
“The confidence in Melbourne’s real estate market remains strong despite the low volume of auctions this week. The lack of supply on the market is creating very high demand for quality property. Preliminary data shows we have had a significant increase in the number of active and registered bidders,” Mr Condon said.
“This week is the highest we have seen on record. Vendors who chose to continue their auction campaign were rewarded with a number of properties selling well over reserve. Overall we are expecting an exceptional auction day clearance rate this week.”
Queensland
In the Sunshine State, Ray White Queensland Chief Auctioneer Mitch Peereboom said that again the market continues to perform across Ray White Queensland this week with some great auctions.
“There has been some really outstanding bidding and confidence from buyers this week,” Mr Peereboom said.
“We’re seeing a number of our offices, particularly in the inner city of Brisbane, achieving some outstanding sale prices well in excess of expectations which is coming from their ability to create competition.
“If you look at the average number of registered bidders again, it was over four per auction this week. The clearance rate is holding strong, similar to recent weeks.”
South Australia
Ray White South Australia Chief Auctioneer John Morris said the preliminary clearance rate in the state sat at 50 per cent.
“There has been some impressive activity in the market this week with every auction scheduled having bidding with an impressive 13.3 average registered bidders per auction,” Mr Morris said.
“Special mention to Rachel Lawrie from Ray White North Adelaide who has continued her 100 per cent selling streak online. even since restrictions have eased. The online method is working for her and long may it continue.”
