The auction market continues to go from strength to strength with 2,446 properties going to auction in the major capitals this week, resulting in a preliminary clearance rate of 77.7 per cent.
According to the CoreLogic data, that was a significant increase on this time last year when 2,293 properties returned a clearance rate of just 49.4 per cent.
It’s also a major jump on last week when 1,596 auctions were held, returning a final clearance rate of 73.3 per cent.
This week it was Sydney leading the charge in terms of results, with 938 properties going under the hammer for a preliminary clearance rate of 81.5 per cent.
The volume crown went to Melbourne where a preliminary auction clearance rate of 79.6 per cent was recorded across 1,215 auctions this week.
That was higher in both volume and clearance than the week prior when 743 auctions returned a final clearance rate of 76 per cent – the highest final clearance rate the city has seen since September last year.
Across the smaller auction markets, Canberra recorded the highest preliminary clearance rate (70 per cent), followed by Brisbane at 62.7 per cent.
Ray White reports strong results
Ray White Group reported a whopping 580 auctions scheduled for the week, and they too recorded a high preliminary clearance rate of 80.2 per cent with the number of registered bidders at each event averaging 5.1.
In terms of how that panned out across the states, positivity abounded, but New South Wales was a standout performer with the Ray White group enjoying a preliminary clearance rate of 85 per cent in the “premier state”.
Across New South Wales, preliminary data showed a clearance rate of 85 per cent across the 103 scheduled auctions, as the number of active bidders sat at a healthy 4.4 on average.
Ray White NSW Chief Auctioneer Alex Pattaro said although Valentine’s Day was in the rear view mirror, the love affair with property in Sydney in 2020 was only just beginning.
“The mood’s one of real positivity and there’s a sense buyers want to get in now and secure a property with prices predicted to continue an upward trajectory,” Mr Pattaro said.
“We’ve seen some incredible results across Sydney today, and it all started at 9am with an Atarmon unit selling 107,000 over reserve, from there it was hammer drop after hammer drop.”
Great weather and a buoyant mood set the tone for proceedings in Victoria.
Ray White Victoria/Tasmania Chief Auctioneer Matt Condon said it was an exceptional day across state.
“Looking at the data, this week has seen yet another increase in the number of active bidders per auction,” Mr Condon said.
“Given the shortage of properties available, and the amount of competition we’re seeing per property, there’s never been a better time to sell.”
Ray White QLD Chief Auctioneer Mitch Peereboom said it had been a great day under the hammer for the Sunshine State.
“We’ve seen some great results throughout the course of the day, with stand-outs across a number of different markets, from lower price points up into the millions,” Mr Peereboom said.
“If you are looking at coming into the market, there’s certainly activity. Buyers are looking to compete unconditionally so now is the time to be picking up the phone.”
In Adelaide and South Australia it was a tale of two cities, according to Ray White SA Chief Auctioneer John Morris.
“The reason I say that is because I’ve had one auction where there were no bidders, and another where there were 17 bidders, and that one sailed past its reserve price,” Mr Morris said.
“I’ve been receiving messages throughout the day that bidders are out and properties are selling – so I’m expecting an uptick in clearance rate before too long.”
The property in question with 17 registered was 74 William Street and 34 Elizabeth Street, where Ray White Norwood Sales Executive Linda Clemente managed the $1,250,000 sale.
“We made a real occasion of the auction by knocking on doors and inviting everyone and we even had a coffee cart for people – we had over 170 people attend in the end,” Ms Clemente said.