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Clearance rate rises but volume lower as most states enjoy long weekend

The preliminary clearance has risen to 84.5 per cent on the back of lower volumes this week, courtesy of a long weekend in several states including Victoria.

CoreLogic reports 1587 capital city homes were taken to auction this week. Of the 1311 results collected so far, 84.5 per cent have reportedly sold.

This is an improvement on last week’s preliminary clearance rate of 81.9 per cent when volumes were higher and 2473 properties were taken to auction.

Final figures by Wednesday saw last week’s preliminary clearance rate revised down to 79.3 per cent.

The lower volumes this week can be attributed to the four of the states and territories welcoming a public holiday on Monday, including Melbourne where volumes were down substantially over the week.

Melbourne

There were 477 Melbourne homes auctioned this week, down on the 1299 last week. Of the results collected so far, 80.9 per cent were sold results.

The final clearance rate last week came in at 76.4 per cent and one year ago 66.1 per cent of auctions cleared when volumes were a lower 418.

Sydney

In Sydney, 812 homes were taken to auction this week, returning a preliminary auction clearance rate of 86.7 per cent.

Last week, a higher 844 auctions were held with an 85.3 per cent final clearance rate and one year ago 830 auctions took place and a 75.2 per cent success rate was achieved.

The smaller capitals

According to preliminary figures, all of the smaller auction markets saw over 80 per cent of auctions successful this week.

Canberra returned the highest preliminary figure of 91.5 per cent, followed by Brisbane (82.3 per cent), Perth (81.8 per cent) and Adelaide (81.7 per cent).

Domain’s results

Domain’s figures also reflected reduced volume courtesy of the long weekend in numerous states, with this week’s volume just over half of what it was the week prior.

This week 1232 properties were taken to auction in the major markets, with the preliminary clearance rate coming in at 84.7 per cent.

So far results are in for 907 of those auctions, with 768 properties sold (to the value of $754.4 million), while 66 properties were withdrawn.

Last week 2174 properties were slated for auction and the final clearance rate came in at 76.7 per cent.

Results were provided for 1968 of those auctions, with 1509 selling (to the value of $1356.3 million) while 141 properties were withdrawn.

In the same week last year, 1191 properties went to auction and the clearance rate came in at a lower 67.7 per cent.

Results were provided for 1076 of those auctions, with 728 properties sold (to the value of $903.5 million), while 88 properties were withdrawn.

Sydney

Sydney saw most of the auction action this weekend, with 665 properties taken to auction while the preliminary clearance rate came in at 86.5 per cent.

So far results have been provided for 526 of those auctions, with 455 properties successfully selling (to the combined value of $525 million), while 43 properties were withdrawn.

This volume is lower than last week, when 743 properties went to auction and the final clearance rate hit 83 per cent.

Results were provided for 699 of those auctions, with 580 properties successfully selling (to the value of $638.6 million), while 43 properties were withdrawn.

This time last year, Sydney’s volume was 689 properties listed for auction and the harbour city clearance rate was 74 per cent.

Results were provided for 608 of those auctions, with 450 properties successfully selling (to the value of $673.8 million), while 60 properties were withdrawn.

Melbourne

With a long weekend on the agenda, Melbourne’s volume was a third of that seen the week prior. This weekend, 405 properties were slated for auction and the preliminary clearance rate was 79.4 per cent.

So far results have been provided for 267 of those auctions, with 212 properties successfully selling (to the value of $168.9 million), while 20 properties were withdrawn.

Last week, 1215 properties were listed for auction and the final clearance rate came in at 73.6 per cent. Results were provided for 1064 of those auctions, with 783 properties successfully selling (to the value of $615.3 million), while 86 properties were withdrawn.

This time last year, the long weekend saw 358 properties slated for auction, while the clearance rate came in at 62.1 per cent.

Results were provided for 330 of those auctions, with 205 properties successfully selling (to the value of $182.3 million), while 22 properties were withdrawn.

Ray White results

Ray White reported almost nine in every 10 homes they had scheduled for auction on Saturday sold under the hammer.

The group had 409 homes booked for auction this week and had a preliminary weekly clearance of 80 per cent by Saturday night but on the day alone its members had cleared a staggering 88 per cent of the 237 booked.

Overall there were fewer homes scheduled for auction this week across the combined capital cities, with four of the states and territories welcoming a public holiday on Monday.

Ray White Managing Director Dan White said in Australia alone, the group recorded $3.35 billion in total sales in February, up 42 per cent on the prior year.

“Every community is abuzz with stories of amazing local sales results. Many people seem to think that these results are caused by a lack of stock available for sale. This is not the case,” Mr White said.

“It is true that the total number of listings on the market across Australia and New Zealand is down 13 per cent on last year and 32 per cent on two years ago. But total listings aren’t that relevant as they include all kinds of old stock.

“A more relevant question is: how many properties came to market in the past month? In Australia, in February we listed 5977 properties which was nearly 10 per cent more than we listed in February 2020 and 15 per cent more than 2021.

“We sold 4819 properties in the month. So we are listing more property than we have for the past two years, and listing more than we are selling. And there are some early signs in March that listing numbers are continuing to rise.”

New South Wales

Ray White New South Wales Chief Auctioneer Alex Pattaro said the Easter rush had started early this year with more buyers looking to secure their home before the upcoming break.

Sydney members booked a 90 per cent preliminary clearance of the 93 properties listed to sell at auction.

“With more stock coming to market, sellers are also taking full advantage of the strong market conditions now, opting to sell before the Easter long weekend,” Mr Pattaro said.

“We are in the best selling conditions that the state has seen in decades, and this is reflected through record prices and a number of bidders at auctions.

“Sellers can gain great confidence to re-enter the market now after they obtain their dream price as more stock is coming on daily.”

Victoria

Ray White Victoria and Tasmania Chief Auctioneer Matthew Condon said the long weekend in Victoria resulted in a decrease in the number of scheduled auctions, creating even more competition per property. Victorian members recorded an 86 per cent preliminary clearance on Saturday.

“Confidence in Victoria’s real estate market continues to remain at an all-time high. This was evident through preliminary data provided by the Ray White Group, revealing an increase in the average amount of registered and active bidders at each auction,” Mr Condon said.

“On the ground competition was strong with buyers bidding very aggressively, and in high increments to secure their desired home.

“Despite the low auction numbers sellers who chose to auction their properties across the long weekend, have been heavily rewarded with exceptional prices, given the shortage.

Queensland

Ray White Queensland Chief Auctioneer Mitch Peereboom said the network recorded an 86 per cent preliminary clearance on Saturday.

“This week has been phenomenal. We came off the back of an 80 per cent plus clearance rate last week, which has continued throughout our mid-week auction events this week too,” Mr Peereboom said.

“And today in Brisbane for our on-site auctions, it has been no exception.

We’ve had some standout sales. All price points are active. Rebecca Cuderman from Ray White Marsden today sold 54 Birch St. Marsden with 27 registered bidders today for $302,000, up to our top sale which was 195 Laurel Ave Chelmer, which sold for almost $4 million by Angela Mastrapostolos of Ray White Paddington.

“All parts of the market are performing. We are not just selling to the first buyer that comes along, our driving ambition is to create competition. Let’s get the best price and we look forward to these results continuing.

“Now is the time to come to the market with such confidence that we’re going to be achieving outstanding sale prices.”

South Australia

Ray White South Australia Chief Auctioneer John Morris said there were 48 auctions held throughout South Australia on Saturday.

“Last week we saw a 78 per cent clearance rate, 10.2 registered bidders per auction, and every single auction had bidding in South Australia last week,” he said.

“So far this week we have a preliminary clearance rate of 78 per cent with 8.7 registered bidders per auction and we’ve met 131 registered bidders at campaigns this week and we have taken bids from 50 of them. So far looking it’s looking like a repeat of last week and another fantastic week for Ray white South Australia.”

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