Auction volumes increased 166.1 per cent this week, with CoreLogic reporting 1160 properties were taken to auction in the combined capitals, resulting in a preliminary clearance rate of 74.1 per cent.
This week’s initial success rate is higher than last, which initially came in at 68.6 per cent, and later revised down to 66 per cent at final figures.
CoreLogic noted this week’s preliminary clearance rate is the highest seen since the week ending 21 November 2021 when 74.5 per cent of auctions were successful.
They stated it demonstrated a stronger start to the year, “albeit on volumes that are still ramping up from seasonal lows”.
This week’s volume also marked a rise on the same time last year when 884 capital city homes went to auction and returned a success rate of 77.2 per cent.
Melbourne
There were 393 homes taken to auction across Melbourne this week, up from 140 over the previous week, although similar to the same week last year (390).
Of the 320 results collected so far, 68.4 per cent were successful. This was higher than last week’s preliminary clearance rate of 64 per cent, which revised down to 60.4 per cent at final figures.
Over the same week last year, 80 per cent of auctions were successful.
Sydney
Sydney was host to 326 auctions this week, up from just 73 over the previous week, and 270 this time last year.
Of the 254 results collected so far, 70.5 per cent have been successful.
This is also higher than last week’s final clearance rate of 54.9 per cent, which was revised down from a preliminary clearance rate of 58.3 per cent.
In the same week last year, 76.7 per cent of auctions were successful.
The smaller capitals
Across the smaller capital cities, Adelaide recorded the highest preliminary auction clearance rate (83.6 per cent), followed by Canberra (82.3 per cent) and Brisbane (81.5 per cent).
Of the 12 auction results reported in Perth so far, 58.3 per cent were successful, while in Tasmania, just one auction was held which was successful.
Adelaide was the busiest auction market over the week, with 194 homes taken to auction, followed by Brisbane with 152 auctions.
Domain results
Domain has reported a preliminary clearance rate of 71.3 per cent after tracking 836 auctions across the major capitals.
So far, results are in for 520 of those auctions, with 371 properties selling (to the value of $337.1 million), while 69 auctions were withdrawn.
Last week, the clearance rate was 83.5 per cent after 321 properties went to auction.
Results were provided for 127 of those auctions, with 106 properties selling (to the value of $93.9 million, while one property was withdrawn.
The current volume remains significantly higher than last year when 691 properties were taken to auction, returning a clearance rate of 77.3 per cent.
Results were provided for 664 of those auctions, with 513 properties selling (to the value of $552.3 million), while 27 properties were withdrawn.
Sydney
Sydney had a preliminary clearance rate this week of 67 per cent after 318 properties were taken to auction.
Results were provided for 194 of those auctions, with 130 properties selling (to the value of $162.7 million), while 29 properties were withdrawn.
Last week, Sydney enjoyed a 100 per cent clearance rate after 69 properties were taken to auction. Results were provided for 25 of those auctions, with 25 properties selling (to the value of $39.3 million).
This time last year, Sydney’s clearance rate was 79.1 per cent after 256 properties were taken to auction.
Results were provided for 244 of those auctions, with 193 properties selling (to the value of $270 million), while 11 properties were withdrawn.
Melbourne
Melbourne’s preliminary clearance rate this week was 65.7 per cent after 250 properties were taken to auction.
Results were provided for 166 of those auctions, with 109 properties selling (to the value of $70.4 million), while 30 properties were withdrawn.
Last week, Melbourne’s clearance rate was 85.7 per cent after 115 properties were taken to auction.
Results were provided for 42 of those auctions, with 36 properties selling (to the value of $27 million), while one property was withdrawn.
This time last year, Melbourne’s clearance rate was 79.1 per cent after 307 properties were taken to auction.
Results wee provided for 296 of those auctions, with 234 properties selling (to the value of $218.2 million), while 11 properties were withdrawn.
Ray White results
The Ray White Group has reported the last auction Saturday of January delivered scorching results for their sellers across the country, proving any holiday lull is well and truly over.
The group recorded a national preliminary clearance rate of 80 per cent on Saturday with buyers rushing to secure properties against the competition.
They noted the standout city of the day was Brisbane, recording a preliminary auction day clearance rate of 100 per cent.
An under-the-hammer record was broken for 2022 in Sydney, with a $12 million sale in Sydney’s affluent eastern suburbs.
“A key theme throughout the day from auctioneers and agents was the larger than usual buyer numbers with six average registered bidders booked nationally across the Ray White Group, and 3.2 of them actively bidding,” the group reported.
Their data indicated more than 75 per cent of the group’s buyers were local, while 3.4 per cent were international buyers.
“This metric is slightly higher than last year and one to keep an eye on,” they said.
More than 18 per cent of the group’s 290 auctions booked this week had sold prior to their booked date. Some 195 properties proceeded to go under the hammer on Saturday.
New South Wales
Ray White New South Wales chief auctioneer Alex Pattaro said the Sydney property market had taken off from where it was left last year.
“We’re continuing to see growing open home attendance, despite talk of a looming interest rate rise,” Mr Pattaro said.
“This should give sellers confidence that the market remains buoyant and property prices remain at record levels.
“With many more properties set to hit the market throughout February, It is an exceptional time to transact, whether you are a buyer or a seller,” he said.
Victoria
With such a strong finish for the Melbourne market in December, Ray White Victoria and Tasmania CEO Stephen Dullens explained this momentum was continuing into 2022.
“With Australia Day behind us and most kids back at school next week, we are well and truly back to normal with the new real estate year in full swing,” Mr Dullens said.
“This week Ray White had 160 auctions scheduled across Victoria, which form part of the 230 auctions scheduled for January.
“This is an increase of around 20 per cent compared to last January but interestingly, almost 150 per cent increase compared to January 2020.”
With the year now in full swing, new listings are once again hitting the market.
“As of today, across Victoria and Tasmania we have just shy of 3000 sales listings on the market, around 13 per cent higher than this time last year.
“It is great to see buyers once again out in force to secure their dream property with more opportunities than many times during the lockdown-interrupted year,” Mr Dullens concluded.
Queensland
Ray White Queensland chief auctioneer Gavin Croft said sales hadn’t stopped over summer, and the quality and execution of auctions in the state had been outstanding.
“The Gold Coast is performing exceptionally well, even for the usually busy summer season of auctions up here,” Mr Croft said.
“Over the last week across the Gold Coast, we have had more than 200 auctions with a clearance rate hovering around 70 per cent,” he said.
South Australia
Ray White South Australia chief auctioneer John Morris said the statistics for 2022 were shaping up like a carbon copy of the best auction year in history.
“Ray White so far this year in South Australia have held a 31 per cent share of all auctions, and of our auctions, 85 per cent have sold under the hammer with an average of 10 registered bidders,” Mr Morris said.
“Next week we have 68 auctions scheduled, so it is shaping up to be another fantastic year with huge numbers,” he said.
