As predicted, auctions rebounded last week, with 2234 properties going under the hammer – the second largest number this year.
The preliminary clearance rate also lifted 3.4 percentage points to 68.4 per cent from the 1656 results collected so far.
Last week the preliminary clearance rate was 65 per cent, which revised up to 65.4 per cent at final figures.
This time last year 66.9 per cent of reported auctions were successful.
Melbourne was the busiest auction market this week, with 1043 auctions.
It’s only the second time this year that more than 1000 homes have gone under the hammer.
Last week just 360 homes were taken to auction.
Of the 843 results collected so far 68.7 per cent were successful, which is 5.8 percentage points higher than the week before.
Auction volumes are set to rise again next week with just under 2,400 homes currently set for auction across the combined capital cities. Around 1,150 of those auctions are scheduled in Melbourne.
Domain recorded a clearance rate of 66.9 per cent nationally from 1283 reported auctions.
Of those, 858 sold and 173 were withdrawn.
The median auction price for houses was $1.25 million, while for units it was $753,500.
Australasia’s largest real estate group reported a preliminary clearance rate of 64 per cent nationally, with an average of 4.5 registered bidders per auction.
Of the 4.5 registered bidders, 2.7 bidders were actively bidding.
The standout city was a tie, with both Sydney and Melbourne coming in at 76 per cent preliminary clearance under the hammer.
Auctioneers and agents across the country had clear feedback to sellers today; take your property through an auction campaign and you will be rewarded with prices.
On average, sellers who sold on auction day today achieved 10.5 per cent more in their sale price than if they had taken the highest offer prior.
The highest sale of the day came from the sunshine state, where Matt Lancashire from Ray White New Farm proved that the prestige market in Brisbane is well and truly thriving.
The new build at 10 Ludlow St, Hamilton, sold under the hammer for $6.4 million, along with 14 more properties selling under the hammer at their in-room auction event.
The event recorded a clearance rate of 66 per cent, selling 14 of the 21 properties under the hammer for a combined $18,675,000.
Four other properties were sold prior to auction, bringing the total sales value of the event to $24,093,500.
Matt Lancashire said more than 100 groups of buyers inspected the 10 Ludlow St, Hamilton, during its four-week campaign, representing a huge amount of interest for such a high end property.
“We had a huge amount of interstate and international interest in this one; everyone was attracted to the floorplan, the views, the garage. Of course a major drawcard was the fact it is a turnkey come; the construction cost to build something like this is astronomical.”
The winning bidder was a local buyer, with two others bidding fiercely from interstate on the phone.
Mr Lancashire said the prestige market was performing exceptionally well in Brisbane.
“We are seeing 1,500 people coming into south east Queensland every week at the moment. We are really feeling this, I would say 50 per cent of enquiry is local and 50 per cent is from interstate or international buyers,” he said.