CoreLogic is tipping next week will prove the busiest auction week of the year so far after volumes dipped a little across the combined capitals this weekend.
This week’s volumes were down 6.8 per cent on the week prior, however the auction market still recorded its third busiest week of the year, with 3148 properties going under the hammer.
Of the 2537 results collected so far, 70.1 per cent recorded a successful result, which is a small improvement on last week’s preliminary clearance rate of 69.4 per cent.
This later revised down to 66.8 per cent at final numbers.
“Next week we are expecting auction volumes to rise substantially, with the number of auctions currently scheduled indicating year-to-date highs in Adelaide, Canberra, Melbourne and Sydney,” CoreLogic said.
After recording the busiest week of the year last week (1626 auctions), Melbourne’s auction activity fell 9.2 per cent this week, with 1476 homes auctioned across the city.
Of the 1241 results collected so far, 69.1 per cent were successful.
“This was down 60 basis points from the preliminary clearance rate recorded the week prior (69.7 per cent),” CoreLogic said.
This time last year 73.5 per cent of the 211 auctions held in Melbourne were successful.
Across Sydney, 1105 homes went under the hammer this week, in line with the auction volumes recorded the week prior when 1104 properties went to auction.
Sydney’s preliminary clearance rate this week was also in line with the previous week’s figures, with 68.2 per cent of the 898 results collect so far returning successful results.
The previous week saw a preliminary clearance rate of 68.1 per cent, which revised down to 64 per cent at final figures.
This time last year 82 per cent of the 404 auctions held were successful.
The smaller capitals
Auction activity fell across each of the smaller capitals this week, down 12.4 per cent from the 647 auctions held the week prior.
Brisbane maintained its position as the busiest market amongst the smaller capitals for the fourth week in a row, taking 208 homes to auction this week, followed by Adelaide (194) and Canberra (149).
Adelaide recorded the highest preliminary clearance rate for the third consecutive week, with 86.1 per cent of the 115 results collected so far returning successful results, followed by Canberra (72.4 per cent) and Brisbane (71.4 per cent).
Results for six of the 16 auctions held in Perth have been collected do far, with four proving successful.
No auctions were held across Tasmania this week.
Domain has reported a preliminary clearance rate of 67.3 per cent after tracking 2551 auctions across the major capitals.
So far, results are in for 1887 of those auctions, with 1270 properties selling (to the value of $1141 million), while 302 properties were withdrawn.
Last week, the clearance rate settled at 67 per cent after 2684 properties were taken to auction.
Results were provided for 2288 of those auctions, with 1533 properties selling (to the value of $1373.8 million), while 301 properties were withdrawn.
This time last year, 73.5 per cent of auctions were successful, with just 109 properties taken to auction across the Easter long weekend.
Results were provided for 98 of those auctions, with 72 properties selling (to the value of $75.8 million), while 17 properties were withdrawn.
Sydney’s preliminary clearance rate is this week 66.1 per cent after 958 properties were taken to auction.
So far, results are in for 657 of those auctions, with 434 properties selling (to the value if $466.3 million), while 153 properties were withdrawn.
Last week, the clearance rate was 65.7 per cent after 948 properties were taken to auction.
Results were provided for 785 of those auctions, with 516 properties selling (to the value of $545.3 million), while 151 properties were withdrawn.
This time last year, Sydney’s clearance rate was 77.8 per cent after 63 properties were taken to auction.
Results were provided for 54 of those auctions, with 42 properties selling (to the value of $60.4 million), while six properties were withdrawn.
Melbourne’s preliminary clearance rate is this week 67.2 per cent after 1259 properties were taken to auction.
So far, results are in for 997 of those auctions, with 670 properties selling (to the value of $535.3 million), while 113 properties were withdrawn.
Last week, Melbourne’s final clearance rate was 66.3 per cent after 1353 properties were taken to auction.
So far, results are in for 1208 of those auctions, with 801 properties selling (to the value of $659.8 million), while 116 properties were withdrawn.
This time last year, Melbourne’s clearance rate was 64.3 per cent after 27 properties were taken to auction.
Results were provided for all of those auctions, with 18 properties selling (to the value of $10.9 million), while eight properties were withdrawn.
Ray White results
The Ray White Group has reported strong selling conditions continue across Australia, with the group clearing 78 per cent of its auction stock under the hammer on Saturday.
“At the end of first quarter of 2022, results continue to be ahead of 2021, even compared to those buoyant conditions,” they noted.
Next week is shaping up to be the largest week for auctions this year with 855 for Ray White, ahead of the Easter long weekend.
“It’s been an incredible week for auctions selling under the hammer. The best for 2022 and the best since mid-November 2021.
“Victoria is sitting at 84.2 per cent for the week which is amazing and the best since last October,” said Nathan Kennedy, head of Ray White’s auction data.
“Some 87.6 per cent of our buyers this week were local, 9.5 per cent interstate and 1.7 per cent were from overseas.
“We recorded five registered bidders on average with 3.1 active bidders which is solid as a rock.”
New South Wales
Ray White New South Wales Chief Auctioneer Alex Pattaro said buyers were still out in force, all looking to secure property before the Easter long weekend.
“In Sydney, four registered bidders appear to be the new normal and clearance rates are hovering between 65 per cent and 75 per cent which is a clear demonstration that properties are still selling under the hammer for great prices,” he said.
“This should give sellers confidence that property prices are remaining steady. Those sellers must be warned that we are in a transitional market now but buyers are still ready to make decisions and pay the best price for your home now.”
For the third week in a row there more than 200 auctions scheduled across Victoria for the Ray White Group, once again showing strong demand from both buyers and sellers.
Ray White Victoria and Tasmania CEO Stephen Dullens said the impressive results continued to be achieved right across the board.
“We’ve seen yet another strong week on the auction front, with large crowds of buyers in attendance despite the overcast Saturday in Melbourne,” Mr Dullens said.
“Preliminary results show a clearance rate of 81 per cent with over three average bidders in each auction.”
More broadly, with the conclusion of the first quarter of 2022, Melbourne’s results continue to be ahead of 2021.
“Broadly, we continue to see an increased level of property activity compared to prior years. During March, Ray White transacted in excess of $1.1 billion of property across Victoria,” Mr Dullens explained.
“This was our best March on record and around 5 per cent higher than last year, but most interestingly, more than double the pre-pandemic levels of 2019.
“This shows once again the market remains strong compared to historical norms.”
Auction action in Brisbane kicked off early at The Calile Hotel in downtown New Farm when some 43 bidders registered to buy nine properties for sale on the day by Ray White New Farm | East Brisbane and Bulimba teams.
Ray White New Farm principal and chief auctioneer Haesley Cush said there were lots of registered bidders out on Saturday.
“It feels very similar to last year, January fired off the oxygen of last year and the market pushed through well until March,” Mr Cush said.
“Buyers are always looking to turn a market in their favour but the evidence still shows it’s a good time to sell.
“We have already secured more than 20 properties to sell at our next event on April 26, and we have solid interest from buyers and sellers building into our next event in May, which may turn out to be on the federal election day!”
Ray White South Australia Chief Auctioneer John Morris said if the first quarter of 2022 was anything to go by then “we are in for one hell of a ride in South Australia”.
Ray White has conducted 464 auctions so far since January, up by 84.1 per cent on last year.
“We have an average of 8.6 registered bidders per auction with 3.7 of those participating,” Mr Morris said.
“We have had bidding at over 96 per cent of all our auctions this year and a total clearance rate 84.7 per cent. Last week we had bidding at every single auction.
“Last week Ray White reported an auction day clearance of just shy of 80 per cent, and CoreLogic is reporting almost 74 per cent,” he said.
“Next week we have 309 auctions for the state and Ray White is still the clear front-runner holding a 32.5 per cent auction market share.
“Ray White on the whole in South Australia is still flying very, very high with great numbers and clearance rates coming through.”