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Busiest auction week since June

The combined capital cities have had the busiest auction week since mid-June, with 2506 homes going under the hammer.

According to CoreLogic data, that’s a 3.8 per cent jump on the previous week, but down 39.7 per cent than this time last year.

Of the 1921 results collected so far, 61.9 per cent were successful.

Last week’s preliminary clearance rate was 40 basis points lower (61.5 per cent), revising down to 56.4 per cent at final figures, the lowest clearance rate since late-August (55.8 per cent). 

This time last year, 66.3 per cent of reported auctions were successful. 

Melbourne

Melbourne’s auction volumes held above 1000 for the third consecutive week with 1118 homes taken to auction, up 10.6 per cent from last week (1011), and 41.5 per cent lower than the same week last year when 1,912 Melbourne homes were auctioned. 

Of the 894 results collected so far, 62.4 per cent were successful, up 1.4 per cent from last week (61 per cent). 

Sydney

There were 895 homes taken to auction across Sydney this week, down 3.7 per cent from the 929 auctions held last week. 

With 701 results collected so far, the clearance rate was 64.8 per cent, which was up 60 basis points on last week.

This time last year, 1,466 homes were taken to auction across the city, and a clearance rate of 63.8 per cent was reported. 

Smaller capitals

Across the smaller capital cities, Adelaide was the busiest auction market this week (178), followed by Brisbane (171) and Canberra (126). 

Canberra has recorded the strongest preliminary clearance rate so far, of 67 per cent, followed by Adelaide (62.1 per cent) and Brisbane (42.3 per cent). 

In Perth, three of the eight results collected so far returned a successful result, while just one of the three auctions held in Tasmania this week were successful.

Domain results

Domain tracked 1997 auctions this week, which was slightly up on last week’s 1912.

Of the 1384 of auctions reported, 842 sold for a clearance rate of 60.8 per cent and a total sales value of $698.8 million.

Sydney

In Sydney, 694 auctions were listed, with 454 going ahead, and 273 selling for a total sales value of $264.2 million.

That’s a clearance rate of 60.1 per cent, which is up from last week’s 58.9 per cent, when 398 properties sold for a total value of $382.2 million.

Melbourne

In Melbourne there were 738 reported auctions with 457 selling for a clearance rate of 61.9 per cent and a total sales value of $354.1 million. 

Last week, 57.4 per cent of the 740 reported auctions sold for a total value of $310.6 million.

Ray White auction results

The Ray White Group said buyers were out in force, despite the leadup to Christmas being well and truly underway.

The group had 406 auctions scheduled and recorded a preliminary clearance rate of 60.2 per cent. 

They said sellers who sold under the hammer gained, on average, 11.2 per cent more on their sale price than if they’d taken a prior offer. 

Brisbane recorded the sale of the day with Ray White Wilston Principal Alistair Macmillan selling 68 Angliss St, Wilston for $4.2 million.

Ray White auctions recorded an average of 3.7 registered bidders and 2.4 active bidders per auction nationally.

A Sydney auction in Abbotsbury had the most bidders, with 48 Bancroft Rd attracting 18 registered bidders and sold for $1.44 million through Ray White Wetherill Park agents Robert Biasetto and Mathew Bell.

Sydney

Ray White NSW chief auctioneer Alex Pattaro said buyer activity was really strong.

“Buyers are really looking to secure a home before Christmas,” he said.

“A-grade homes are still selling for really strong prices. Particular market places closer to the CBD are seeing an influx of bidders and buying activity.

“Despite the continued talk of interest rates continuing to rise the buyers have a positive outlook on the real estate market looking into 2023.”

Melbourne

Ray White Victoria Chief Auctioneer Jeremy Tyrrell said the Melbourne market was heating up as the holidays approached.

“Melbourne has welcomed summer with a scorching weekend of weather and the real estate market is also continuing to heat up as we race to the end of the year,” Mr Tyrrell said.

“There was positive news on the back of the inflation rate data which came in lower than expected this week, and an equally positive outlook for 2023, may have sparked renewed confidence among buyers.

“Early reports indicate a strong improvement in the auction day clearance rate, currently tracking at 67.9 per cent from 222 scheduled auctions, with some exceptional results being achieved as buyers compete to purchase before the Reserve Bank meets on Tuesday for the final time of the year.”

Mr Tyrrell said bidders attending auctions were up this week at 3.1 on average, of which an average of 2.2 were actively competing, an improvement on previous weeks.

“Auction numbers are set to increase even further over the next two weeks, with some scheduled close to Christmas Eve,” he said.

Brisbane 

Ray White Queensland Auctioneer Gavin Croft said this week marked a significant week of auctions for Ray White Queensland.

“Earlier in the week we held our Ray White Auction Experience event with 40 South East Queensland properties going under the hammer with a clearance rate for 62.5 per cent.

“It was a wonderful opportunity to demonstrate where the market is sitting.”

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Kylie Dulhunty

Kylie Dulhunty is the Deputy Editor at Elite Agent.