This week proved the busiest auction week of the year and the sixth busiest since CoreLogic records began as almost 4000 properties went under the hammer across the combined capitals.
In total 3983 homes went to auction, resulting in an initial success rate of 68.7 per cent.
This preliminary clearance rate was lower than last week when 70.1 per cent of auctions were initially successful.
The same week last year coincided with the post-Easter auction slowdown, with 2199 properties taken to auction, resulting in a clearance rate of 76.8 per cent.
Across Melbourne, 1750 homes went under the hammer this week, overtaking the week ending 27 March as Melbourne’s busiest week of the year to date.
Compared to the week prior when 1501 properties went under the hammer, Melbourne’s auction activity was up 16.8 per cent.
Auction activity was also up 65.3 per cent compared to the number of auctions held this time last year
Of the 1405 results collected so far, 68.5 per cent have recorded a successful result.
Last week a preliminary clearance rate of 69.1 per cent was recorded, before being revised down to 67 per cent at final figures, while 72.5 per cent of auctions held this time last year were successful.
Sydney recorded its sixth busiest auction week on record this week, with 1481 homes taken to auction across the city.
Originally slated to be Sydney’s fourth busiest week of all time, approximately 70 auctions were rescheduled across the city this week, likely due to the extreme weather events in the city’s west.
This week’s auction activity is up 30.4 per cent compared to the week prior when 1136 auctions were held.
With 1180 of the results collected so far, Sydney recorded a 3.1 percentage point fall in its preliminary clearance rate from 68.2 per cent to 65.1 per cent.
Last week’s preliminary clearance rate (68.2 per cent) was revised to 63.8 per cent at final figures.
This time last year 81.4 per cent of the 821 auctions held in Sydney were successful.
The smaller capitals
Auction activity was up 31.5 per cent across the smaller capital cities this week, with Canberra and Adelaide recording their busiest week of the year so far, and the third and fourth busiest weeks on record respectively.
Adelaide recorded both the highest number of auctions amongst the smaller capitals (301) and highest preliminary clearance rate, with 82.6 per cent of the 178 results collected so far returning a successful result.
Canberra recorded a preliminary clearance rate of 73.4 per cent, up 1.1 percentage point from last week (72.4 per cent).
Brisbane hosted its second busiest week of the year with 226 homes auctioned across the city, recording a preliminary clearance rate of 69.8 per cent.
Of the nine results collected so far for Perth, six have recorded a successful result, while all four auctions held across Tasmania were successful.
Domain is reporting a preliminary clearance rate of 66.5 per cent after tracking 3158 auctions across the major capitals.
So far, results are in for 2215 of those auctions, with 1474 properties selling (to the value of $1329.1 million), while 343 properties were withdrawn.
Last week, the national clearance rate was 67 per cent after 2552 properties were taken to auction.
Results were provided for 2164 of those auctions, with 1450 properties selling (to the value of $1257.6 million), while 302 properties were withdrawn.
This time last year, the clearance rate was 75.2 per cent after 1878 properties were taken to auction.
Results were provided for 1805 of those auctions, with 1358 properties selling (to the value of $1618.7 million), while 191 properties were withdrawn.
Sydney’s clearance rate is 64.3 per cent after 1214 properties went to auction this week.
So far, results are in for 851 of those auctions, with 547 properties selling (to the value of $576.7 million), while 210 properties were withdrawn.
Last week, Sydney’s final clearance rate was 63.5 per cent after 956 properties were taken to auction.
Results were provided for 802 of those auctions, with 509 properties selling (to the value of $519.2 million), while 156 properties were withdrawn.
This time last year, Sydney’s clearance rate was 79.7 per cent after 764 properties were taken to auction.
Results were provided for 744 of those auctions, with 593 properties selling (to the value of $909.2 million), while 87 properties were withdrawn.
Melbourne’s clearance rate is 65.9 per cent after 1505 properties went to auction this week.
So far, results are in for 1124 of those auctions, with 741 properties selling (to the value of $624.2 million), while 114 properties were withdrawn.
Last week, Melbourne’s clearance rate was 68.1 per cent after 1262 properties were taken to auction.
Results were provided for 1085 of those auctions, with 739 properties selling (to the value of $577.4 million), while 110 properties were withdrawn.
This time last year, Melbourne’s clearance rate was 70 per cent after 901 properties went to auction.
Results were provided for 858 of those auctions, with 601 properties selling (to the value of $568.6 million), while 90 properties were withdrawn.
Ray White results
The Ray White group noted the weekend was tipped to be a Super Saturday as both buyers and sellers took advantage of market sentiment before the Easter break, a looming election announcement and rumours of a rate hike.
This week the group scheduled 866 auctions while Saturday alone saw 492 scheduled auctions take place – an almost 40 per cent increase on last year.
They finished the day with a 76 per cent clearance rate and a count of 4.6 average registered bidders versus 2.9 average active bidders.
Those sellers who held out and sold at auction this week also achieved 12 per cent more on their sale than if they had sold prior.
Ray White New South Wales chief auctioneer Alex Pattaro said buyer demand for quality homes which were well priced was still strong.
“Buyers are still out in force looking to secure a property before the Easter and Anzac day breaks. However, they are being more cautious about what they are willing to pay,” he said.
“Super Saturday has certainly lived up to the hype. This weekend was the biggest auction weekend of the year so far and we did continue to see strong bidding and clearance rates which suggests now is a really great time to transact in the market whether you are buying or selling.”
Ray White Victoria and Tasmania CEO Stephen Dullens said while all eyes in Melbourne will be on Albert Park this weekend, there was still plenty of auction activity.
“There are almost 250 auctions scheduled across Victoria for the Ray White Group this week and buyers were not letting distractions get in the way of their property purchases,” he said.
“It’s a really busy weekend in Melbourne for auctions despite the Grand Prix at Albert Park.
“Interestingly, last time the Grand Prix was held in Melbourne in 2019, we had just 111 scheduled auctions for the week across Victoria – so to have more than double that number in 2022 is a reminder of just how busy the property market remains.”
Ray White South Australia chief auctioneer John Morris said the last weekend before Easter had not disappointed.
“With mad March in South Australia well and truly behind us, this is the last weekend of auctions that we can have before the Easter break,” he said.
“And what a weekend it has been, so far we’re at an 82.5 per cent preliminary clearance rate, with average registered bidders around about 8.5 and four of them participating.
“There has been bidding at 98.2 per cent of all auctions.”
Ray White Queensland chief auctioneer Gavin Croft said clearance rates were beginning to lift across the state.
“After a couple of weeks where we saw Queensland clearance rates sitting around that 70 to 75 per cent, there are positive signs we’ve tipped back to above 80 per cent this week,” Mr Croft said.
“Part of what is really starting to emerge now is we are starting to see some disparity between vendor’s expectations and reserve prices and where the buyers sit.
“Normally, it’s a tradition that you tend to see some small gaps, that gap has certainly started to widen.
“We’ve seen that unfold slowly a little bit more and certainly evident today across the market but with that being said average registered bidders across today of five is still a very positive sign for the market.”