Auction activity remains 20 per cent lower than this time last year, with 1667 properties taken to auction this week, resulting in a preliminary clearance rate of 56.4 per cent.
CoreLogic noted this week marked the sixth consecutive week that the initial success rate for the combined capitals remained below 60 per cent.
While volumes are lower than last year, CoreLogic said this week saw a small increase on the week prior.
“After trending lower for three consecutive weeks, auction activity rose slightly this week,” they said.
“While up 2.4 per cent compared with the previous week (1628), this week’s auction activity is 20.5 per cent below the number of auctions seen this time last year (2097).”
This week’s clearance rate is 2.2 percentage points lower than last week, based on the 1285 results collected so far.
Last week, a preliminary rate of 58.6 per cent was reported, which later revised down to 55.1 per cent at final figures, while this week last year 73.7 per cent of auctions returned a successful result.
Melbourne
With 656 homes auctioned across the city, Melbourne maintained its position as the busiest auction market for the second consecutive week.
Last week 627 homes went under the hammer, while 967 auctions were held in Melbourne this time last year.
With 538 results collected so far, Melbourne’s preliminary clearance rate of 55.4 per cent is down 3.8 percentage points from the week prior, when 59.4 per cent of auctions were successful.
The clearance rate later revised to 55.7 per cent at final figures.
This time last year, Melbourne’s auction activity (967) and clearance rates (71.5%) were supported by a brief break in COVID lockdowns, as well as favourable market conditions.
In the same week last year 967 properties went to auction, resulting in a final clearance rate of 71.5 per cent.
Sydney
There were 639 homes auctioned across Sydney this week, which was a 5.6 per cent increase on the week prior when 605 auctions occurred, but 16.9 per cent lower than the 769 auctions held this time last year.
Of the 506 results collected so far, 56.9 per cent returned a successful result, while 25.9 per cent were withdrawn from auction.
Last week the preliminary clearance rate was 57.5 per cent and later revised down to 53.1 per cent at final figures, with a withdrawal rate of 24.7 per cent recorded.
While this week’s results are higher than the recent low recorded two weeks prior when Sydney saw a preliminary clearance rate of 52.5 per cent and final success rate 49.9 per cent, this week’s results are well below the 76.6 per cent clearance rate recorded this time last year.
The smaller capitals
Across the smaller capital cities, Adelaide recorded the strongest preliminary clearance rate, with 69.7 per cent of auctions held recording a successful result, followed by Canberra (64.5 per cent) and Brisbane (44.8 per cent).
Preliminary clearance rates rose across Adelaide (up 1.1 percentage points) and Brisbane (1.2 percentage points higher) but fell in Canberra (down 4.1 percentage points).
Brisbane hosted the most auctions amongst the smaller capitals, with 155 homes auctioned across the city, followed by Adelaide (124) and Canberra (84).
With results for seven of the nine auctions held in Perth collected so far, just one returned a successful result. No auctions were held in Tasmania this week.
Domain results
Domain has reported a preliminary clearance rate of 55.3 per cent after racking 1442 auctions across the major capitals.
So far, results are in for 957 of those auctions, with 529 properties selling (to the value of $442.9 million), while 190 properties were withdrawn.
Last week, the national clearance rate was 52.2 per cent after 1359 auctions took place.
Results were reported for 1149 of those auctions, with 600 properties selling (to the value of $486.5 million), while 199 properties were withdrawn.
This time last year, the clearance rate was 70.8 per cent after 2073 properties went to auction.
Results were provided for 1706 of those auctions, with 1207 properties selling (to the value of $1572.1 million), while 353 properties were withdrawn.
Sydney
Sydney’s preliminary clearance rate is currently sitting at 53.6 per cent after 597 auctions took place.
Results have been provided for 379 of those auctions, with 203 properties selling (to the value of $206.4 million), while 112 properties were withdrawn.
Last week, Sydney’s final clearance rate was 54.8 per cent after 563 properties went to auction.
Results were provided for 438 of those auctions, with 240 properties selling (to the value of $213.6 million), while 117 properties were withdrawn.
This time last year, Sydney’s clearance rate was 73.8 per cent after 799 properties went to auction.
Results were provided for 675 of those auctions, with 498 properties selling (to the value of $852.5 million), while 140 properties were withdrawn.
Melbourne
In Melbourne, 598 properties went to auction this week, resulting in a preliminary clearance rate of 55.6 per cent.
So far, results are in for 426 of those auctions, with 237 properties selling (to the value of $180.5 million), while 57 properties were withdrawn.
Last week, Melbourne’s final clearance rate settled at 49.6 per cent after 555 properties went to auction.
Results were provided for 490 of those auctions, with 243 properties selling (to the value of $198.1 million), while 61 properties were withdrawn.
This time last year, Melbourne’s clearance rate was 66.9 per cent after 1034 properties went to auction.
Results were provided for 801 of those actions, with 536 properties selling (to the value of $542.6 million), while 200 properties were withdrawn.
Ray White results
The Ray White Group had 546 auctions booked this week and 343 auctions scheduled to go to auction on Saturday alone, with 85 per cent of all auctions recording active bidding. The group recorded a preliminary auction day clearance rate of 56 per cent nationally.
The standout city by clearance rate was Adelaide, with a preliminary clearance rate of 100 per cent.
Average registered bidders sat at 3.1 nationally, with an auction in Sydney reporting a whopping 19 registered bidders who arrived to bid on a two-bedroom fixer-upper in Surry Hills.
Sydney
Ray White New South Wales chief auctioneer Alex Pattaro said there were plenty of positive signs in the Sydney real estate market.
“We continue to see a consistent number of registered and active bidders across our auctions,” Mr Pattaro said.
“Sellers can gain confidence from this as there are buyers prepared to commit if sellers can accept the price.
“There is no doubt the interest rate rises had an effect on buyer confidence, though sellers can have confidence properties are still selling relatively quickly post auction.”
Melbourne
Ray White Victoria chief auctioneer Matthew Condon said the leading network had seen yet another solid week of auction volume across the state, with healthy crowd sizes attending the day’s auctions.
“Preliminary data from the Ray White group has revealed a slight decline in the average number of confirmed bidders per auction, however, it is promising to see the buyers that are arriving at auction have done their research and are actively bidding with confidence to secure their desired property,” Mr Condon said.
“This is evident when properties are announced ‘on the market’ as we are continuing to see competition and momentum past that point a majority of the time.
“It is also very important to note that sellers that choose to meet the market during their campaign are being rewarded with more inspections, bidders, and ultimately a better result on auction day.”
Brisbane
Ray White Queensland chief auctioneer Gavin Croft said he witnessed some strong bidding at auctions across Brisbane.
“It’s right in the middle of winter and volumes are slightly back, which is certainly in line with this time of year, but I was happy to see some heat in the bidding at auctions today, which was certainly a contrast to the weather,” Mr Croft said.
“We’ve seen the impact of the interest rate rises, and what we’re seeing now is some comfortability and people have actually found their feet within the market.”
Adelaide
Ray White South Australia auctioneer Sam Grover said there were plenty of buyers out at auctions on Saturday despite the gloomy weather.
“We had about 35 scheduled auctions this weekend with early signs suggesting a clearance date between 65-75 per cent. We’re on track to do a little bit better than we did last week with about a 66 per cent clearance rate,” Mr Grover said.
“There’s still plenty of signs that there’s enough buyers around to complete those sales.
“We had about 3.1 active bidders per auction with some outstanding results coming through. The market is still going strong with plenty of transactions coming through.”
