Auction volumes have continued to increase this week, with the smaller capitals leading the charge.
CoreLogic has reported Brisbane, Adelaide and Canberra all enjoyed double the number of auctions this week compared to the same period last year, with 1786 homes taken to auction across the combined capitals.
This is an increase of 53.2 per cent on last week’s volume when 1166 auctions were held and is also 37 per cent higher than the same period last year.
So far, results are in for 1427 of those auctions, with the preliminary clearance rate sitting at 74.2 per cent.
This is marginally higher than last week’s preliminary clearance rate of 74.1 per cent, which revised down to 72.4 per cent at final figures.
This time last year 79.3 per cent of the 1304 auctions held were successful.
Melbourne
Across Melbourne, 573 homes went under the hammer this week, up 45.4 per cent compared to the week prior when 394 auctions were held, but down slightly from the 615 auctions held this time last year.
Of the 500 results collected so far, 74.6 per cent have been successful.
This is higher than last week’s preliminary clearance rate of 68.4 per cent, which revised down to 67.5 per cent at final figures.
Meanwhile, during the same week last year, 76 per cent of Melbourne auctions were successful.
Sydney
Sydney hosted 590 auctions this week, with volume increasing 78.2 per cent on the previous week when 331 auctions were held.
It’s also a 32 per cent increase on this time last year when 447 auctions took place in the harbour city.
Of the 482 results collected so far, 76.8 per cent have recorded a successful result.
This is an increase on last week’s preliminary clearance rate of 70.5 per cent, which revised down to 66.3 per cent at final figures.
Over the same week last year, 84.4 per cent of auctions held were successful.
The smaller capitals
The surge in auction activity is being led by the smaller capitals, with Brisbane, Adelaide and Canberra each recording auction volumes more than double those seen this time last year.
Adelaide recorded the highest preliminary clearance result, with 89.8 per cent of the 127 results collected so far returning a successful result.
Canberra recorded a preliminary clearance rate of 84.7 per cent, which was down slightly from last week’s final clearance rate of 85.5 per cent.
In Perth, nine of the 27 auction results collected so far were successful, while two results in Tasmania have been recorded, neither of which were successful.
CoreLogic noted despite auction activity surging in Brisbane and an 80.1 per cent final clearance rate last week, the river city recorded its lowest preliminary clearance rate since January last year.
This week, 56.7 per cent of the 171 results collected so far returned a successful result.
“The low clearance rate was largely driven by an above-average number of withdrawals amid a series of storms over the weekend, with Brisbane recording its highest withdrawal rate since May 2020 with 24.6 per cent of this week’s scheduled auctions being withdrawn,” CoreLogic explained.
Domain results
Domain has reported a preliminary clearance rate of 76.5 per cent after 1362 properties were taken to auction in the major markets this week.
So far, results are in for 930 auctions with 711 properties selling (to the value of $630.3 million), while 109 properties were withdrawn.
Last week, the final clearance rate was 70.3 per cent after 837 properties were taken to auction.
Results were provided for 673 of those auctions, with 473 properties selling (to the value of $424.6 million), while 72 properties were withdrawn.
This time last year, the clearance rate was 77.8 per cent after 1076 properties were taken to auction.
Results were provided for 1027 of those auctions, with 799 properties selling (to the value of $903.3 million), while 53 properties were withdrawn.
Sydney
Domain’s figures indicate Sydney returned a preliminary clearance rate of 79 per cent after 563 properties were taken to auction this weekend,
So far results are in for 377 of those auctions, with 298 properties selling (to the value of $333.8 million), while 52 properties were withdrawn.
Last week, Sydney’s final clearance rate settled at 63.7 per cent after 318 properties were taken to auction.
Results were provided for 278 of those auctions, with 177 properties selling (to the collective value of $212.7 million), while 32 properties were withdrawn.
This time last year, Sydney had a clearance rate of 85.9 per cent after 408 auctions were held.
Results were provided for 384 of those auctions, with 330 properties selling (to the value of $449.2 million), while 25 properties were withdrawn.
Melbourne
Melbourne returned a preliminary clearance rate of 71.3 per cent after 491 properties were taken to auction this week.
So far, results are in for 362 pf those auctions, with 258 properties selling (to the value of $187.7 million), while 37 properties were withdrawn.
Last week, Melbourne returned a final clearance rate of 69.2 per cent after 252 properties were taken to auction.
Results were provided for 195 of those auctions, with 135 properties selling (to the value of $92.6 million), while 30 properties were withdrawn.
This time last year, Melbourne’s clearance rate was 73.5 per cent after 523 properties were taken to auction.
Results were provided for 505 of those auctions, with 371 properties selling (to the value of $377.5 million), while 25 properties were withdrawn.
Ray White results
The Ray White group reported strong auction metrics across the country, with the first week of February seeing the group enjoy a 75 per cent clearance rate, with an average of 5.6 bidders registering for each auction and three actively participating.
They noted the top two sales of Saturday belonged to regional New South Wales.
Ray White Yamba principal Daniel Kelly sold 27 Clarence St, Yamba for $3.39 million and then went on to sell 3/2 Ocean St, Yamba for $3.275 million.
Both properties went to interstate buyers looking for a holiday home.
New South Wales
Ray White New South Wales chief auctioneer Alex Pattaro said there is still plenty of steam in the market for buyers and sellers to get excited about.
“There is an abundance of opportunities for buyers and sellers. Good first tier properties are selling well, although buyers are remaining fussy and cautious in the selection of their homes,” Mr Pattaro said.
“This is the most balanced market we have seen and we anticipate numbers to remain the same for the next little while, making it a great time to be amongst the market.”
Victoria
Ray White Victoria chief auctioneer Matthew Condon said despite the talk of the looming interest rate rise, buyers have been out in force to secure a property early in 2022.
“This was evident today with an increase in open home attendance, crowd sizes and an average of over three active bidders per auction,” Mr Condon said.
“Entry level properties are continuing to be very popular among first home buyers and investors, with a high volume of property ready to launch throughout February.
“Sellers that made the decision and choice to sell early in 2022 have been rewarded with a high level of demand, competition at auction and great prices.”
Queensland
Ray White Queensland chief auctioneer Gavin Croft said there was limited stock on offer in the first month of the year, particularly in Brisbane.
“But despite the lack of stock, demand certainly stayed high.
“As we started to see that filter of more stock coming through the market, it was probably anticipated we weren’t going to reach those dizzy heights of last week’s 100 per cent clearance rate in Brisbane,” Mr Croft said.
Meanwhile, a little further north, the Ray White Coastal Living Network held an Auction Collective on the Sunshine Coast on Saturday, with 19 properties on the order of sale.
The preliminary results indicated a clearance rate of almost 60 per cent and a total sales value of just over $10.2 million.
Across the board there were 28 buyers registered to bid and the standout sale of the day was 601/5 Bermagui Crescent, Buddina which sold for $1.85 million to Brisbane buyers looking to relocate and retire.
The property was marketed by Ryan Bradeley of Ray White Mooloolaba.
South Australia
Ray White South Australia chief auctioneer John Morris said the Chinese Year of the Tiger was shaping up to be strong for the Adelaide auction market, “which certainly looks like it is going to continue with its Bengal tiger strength”.
“We are one month in and Adelaide auctioneers have come out with their gavels swinging,” Mr Morris said.
“We have 38 auctions going ahead in Adelaide today of the 124 that are scheduled and we enter the weekend with a 90 per cent clearance rate.
“All of the auctions that I’ve had today, I’ve had bidding, all of them have sold brilliantly, unbelievably over the reserve price and I’m sure that it’s going to continue.”
