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Auctions clock 75.1 per cent preliminary success rate

The preliminary auction clearance rate is sitting at 75.1 per cent after a weekend that saw 2065 auctions held across the capitals.

CoreLogic notes the volume is down slightly on the week prior when 2168 auctions were held, but the initial success rate has risen from last week’s 73.9 per cent, which later revised for 70.6 per cent at final figures.

One year ago, 2912 homes were taken to auction and 71.1 per cent of reported results were successful.

“For the previous five weeks, the final clearance rate across the combined capital cities has averaged 70.1 per cent, and it’s likely that this week will be at a similar level once remaining results are collected,” CoreLogic noted.

Melbourne

Melbourne was host to 874 auctions this week, down slightly from the previous week (909), and substantially lower than this time last year (1520).

So far, 731 auction results have been collected, returning a preliminary clearance rate of 73.6 per cent, increasing on last week’s preliminary clearance rate of 71.7 per cent, which revised down to 69.3 per cent at final figures.

One year ago, 73.2 per cent of reported auctions were successful across Melbourne.

Sydney

Sydney was host to 871 auctions this week, and of the 730 results collected so far, 80.1 per cent were successful.

The previous week, 886 homes were taken to auction across the city and a preliminary clearance rate of 76.9 per cent was reported, before revising down to 72.5 per cent at final figures.

This time last year, 976 auctions were held across Sydney, and 73.8 per cent of reported auctions were successful.

The smaller capitals

Across the smaller cities, Perth recorded the highest preliminary clearance rate at 78.6 per cent, noting volumes were low across the city.

Canberra recorded a preliminary clearance rate of 75 per cent, followed by Adelaide (62.9 per cent) and Brisbane (57.7 per cent).

Domain’s results

Domain’s data indicates auction volume was similar this weekend to the week prior, with 1710 properties listed for auction across the major metro markets, resulting in a preliminary clearance rate of 74.2 per cent.

So far, results are in for 1312 of those auctions, with 974 properties selling (to the value of $804.1 million), while 149 were withdrawn.

The figures are in line with last week, when 1742 properties were taken to auction across Sydney and Melbourne, resulting in a final clearance rate of 68.8 per cent.

Results were provided on 1634 of those auctions, with 1124 properties successfully selling (to the value of $943.6 million), while 230 properties were withdrawn.

In the same week last year, the volume was significantly higher, with 2503 properties taken to auction, resulting in a clearance rate of 68.7 per cent.

Results were provided on 2243 of those auctions with 1541 properties successfully selling (to the value of $1752.4 million) while 155 properties were withdrawn.

Sydney

Sydney was the better performer this weekend in terms of volume and clearance, with 781 properties taken to auction, resulting in a clearance rate of 78.8 per cent.

So far results are in for 604 of those auctions, with 476 properties successfully selling (to the value of $460.2 million), while 71 properties were withdrawn.

Last week Sydney saw 782 properties listed for auction and a clearance rate that revised down to 72.4 per cent at final figures.

Results were provided for 729 of those auctions, with 528 properties successful selling (to the value of $514.8 million), while 82 properties were withdrawn.

This time last year, the harbour city had a higher auction volume of 863 properties listed, and a clearance rate of 72.9 per cent.

In the same week last year, results were provided for 748 auctions, with 545 properties successfully selling (to the value of $749.9 million), while 68 properties were withdrawn.

Melbourne

Melbourne’s volume and clearance rate remained fairly consistent this week, with 727 properties listed for auction and a clearance rate of 70.4 per cent.

So far results are in for 571 of those auctions, with 402 properties successfully selling (to the value of $287.6 million), while only 62 properties were withdrawn.

Last week, Melbourne’s volume was 737 properties and the clearance rate revised to 66.3 per cent. Results were provided for 697 auctions, with 462 properties successfully selling (to the value of $345 million), while 129 properties were withdrawn.

In the same week last year, Melbourne enjoyed almost double its current volume, with 1381 properties listed for auction and the clearance rate sitting at 69 per cent.

Results were provided on 1244 of those auctions, with 858 properties successfully selling (to the value of $889.7 million) while 72 properties were withdrawn.

Ray White results

The Ray White Group noted December auctions were off to a flying start across the country as buyers competed for the ultimate early Christmas present.

With competition driving some incredible prices for sellers, the group booked a strong preliminary clearance rate of 82.6 per cent..

Queensland

The highlight of the weekend in Queensland was a prestige property auction hosted by Ray White New Farm, Ray White Bulimba, Ray White Spring Hill, and Ray White East Brisbane which saw seven properties sell under the hammer for close to $30,000,000.

However, Ray White Queensland Chief Auctioneer Mitch Peerebom said fantastic results continued to extend beyond the inner city throughout greater Queensland.

“From the Gold Coast right through to North Queensland, we are seeing buyers that are willing to compete, with a real speed of sale,” Mr Peereboom said.

“Stock is moving so quickly with buyers wanting to move into their new home before Christmas – a real trend we’re seeing right now.

“If you’re looking at selling, we recommend doing so now before the end of the year, or start organising to sell for early 2021 to take advantage of this market.”

New South Wales

Ray White New South Wales Chief Auctioneer Alex Pattaro said the summer selling season had kicked off with a bang.

“We have noticed higher than average inspection numbers, and despite the year coming to a close, inquiries on properties across Sydney remains red-hot,” Mr Pattaro said.

“The property market is snowballing. We can expect an influx of properties coming onto the market within the first part of 2021, making it easier for buyers to find their next home.

“There has also been a notable rise in confidence among buyers bidding at auction. We expect to continue to see this throughout the rest of December and into the new year.

“Prices are strong. Competition is strong. If you’re considering selling, what are you waiting for?”

Victoria

Ray White Victoria and Tasmania Chief Auctioneer Matt Condon said buyers were out in force in Victoria on Saturday, despite the heavy winds and rain.

“This week has seen an increase in the amount of active bidders per auction, which has resulted in higher levels of competition for quality properties. Based on preliminary data from the Ray White Group, we’re expecting a clearance rate of around 80 per cent,” Mr Condon said.

“Bidders were arriving with a clear strategy in mind and were doing everything they could do to secure their home unconditionally before Christmas.

“With buyer demand continuing to outweigh supply, we’re seeing some sellers choosing to prepare their property now, with an auction date of early January to take full advantage of the market conditions.”

South Australia

Ray White South Australia Chief Auctioneer John Morris said the yellow gavels were flying all across the state in the first week of December.

“Nearly 50 per cent of all auctions scheduled this weekend are for Ray White on the back of a fantastic clearance rate last week of 73 per cent with an average of seven registered bidders per auction,” Mr Morris said.

“I am still getting bookings all the way up until Christmas Eve. The market is absolutely looking strong – and after an unbelievable month in November – it looks as though December will be following suit.”

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