This week again proved busy for auctions, with CoreLogic tracking 3524 auctions across the major capitals.
The volume saw this week overtake last as the second busiest auction week of the year.
CoreLogic reported there have been 2970 results collected so far, returning a preliminary auction clearance rate of 78.9 per cent.
This was in line with the previous week’s final clearance rate, which had revised down from a preliminary clearance rate of 81 per cent.
This time last year, 1,747 auctions were held across the combined capitals and 71 per cent of reported auctions were successful.
There were 1739 homes taken to auction in Melbourne this week – the second busiest week for auctions so far this year, and the third busiest week since March 2018.
The previous week saw 1467 homes taken to auction, while this time last year, 606 auctions were held across the city.
Of the 1,494 results reported so far, 77.4 per cent have been successful.
In comparison, the previous week recorded a preliminary clearance rate of 80.1 per cent, revising down to 77.8 per cent at final figures, while this time last year, 70.1 per cent of reported auctions were successful.
In Sydney, 1144 homes were taken to auction this week, up from 974 over the previous week and 854 this time last year.
There have been 996 results collected so far, returning a preliminary clearance rate of 79.3 per cent. The previous week saw a preliminary clearance rate of 80.8 per cent, which revised down to 78.5 per cent at final figures, while this time last year 73.1 per cent of reported auctions were successful.
“Last week saw Sydney’s final auction clearance rate drop below 80 per cent for the first time since the week ending 22 August, and it’s likely to remain below 80 per cent again this week,” CoreLogic said.
The smaller capitals
Across the smaller auction markets, Canberra recorded the highest preliminary clearance rate at 90.3 per cent, followed by Adelaide (86.5 per cent), Brisbane (76.8 per cent) and Perth (46.2 per cent).
There were just three auctions held in Tasmania this week, and only one result has been reported so far, which was successful.
Domain has reported a national preliminary clearance rate of 77.4 per cent after tracking 2424 auctions across the major capitals this week.
So far, results are in for 1794 of those auctions, with 1388 properties selling (to the value of $1224.5 million) while 215 properties were withdrawn.
Last week, the clearance rate settled at 74 per cent after 2054 properties were taken to auction.
Results were provided for 1797 of those auctions, with 1329 properties selling (to the value of $1197.4 million), while 232 properties were withdrawn.
This time last year, the national clearance rate was 71.5 per cent after 1342 properties were taken to auction.
Results were provided for 1239 of those auctions, with 886 properties selling (to the value of $1009.3 million), while 151 properties were withdrawn.
In Sydney, the preliminary clearance rate was 78.8 per cent this week, after 887 properties were taken to auction.
So far results have been provided for 643 of those auctions, with 507 properties selling (to the value of $547.8 million), while 90 properties were withdrawn.
Last week, Sydney’s final clearance rate was 73.9 er cent after 722 properties were taken to auction.
Results were provided for 639 of those auctions, with 472 properties selling (to the value of $543.6 million), while 79 properties were withdrawn.
This time last year, Sydney’s clearance rate was 72.6 per cent after 764 properties were taken to auction.
Results were provided for 691 of those auctions, with 502 properties selling (to the value of $680.9 million), while 95 properties were withdrawn.
Melbourne has clocked up a preliminary clearance rate of 74.8 per cent after 1193 properties were taken to auction this week.
So far, results are in for 924 of those auctions, with 691 properties selling (to the value of $541.5 million), while 98 properties were withdrawn.
Last week, Melbourne’s final clearance rate was 75 per cent after 1000 properties were taken to auction.
Results were provided for 864 of those auctions, with 648 properties selling (to the value of $489.9 million), while 130 properties were withdrawn.
This time last year, Melbourne’s clearance rate was 70.2 per cent after 390 properties were taken to auction.
Results were provided for 362 of those auctions with 254 properties selling (to the value of $217.3 million), while 41 properties were withdrawn.
Ray White results
The Ray White Group enjoyed their busiest auction week on record this week, with 844 auctions scheduled across the country.
On Saturday alone, the group ran 356 auctions, returning a preliminary auction day clearance rate of 83 per cent.
Brisbane recorded the highest preliminary clearance rate of 94 per cent while Adelaide had the top number of bidders at 27 for a cute stone fronted four-bedroom house in Mitchell Park, and Sydney booked the highest volume at 112 auction properties.
Of the 356 scheduled auctions for Saturday, 222 proceeded to auction, with average registered bidders booked at 7.6 nationally and of those four active bidders on average.
New South Wales
Ray White New South Wales Chief Auctioneer Alex Pattaro said it was another exciting week as he continued to see a large number of buyers flock to Sydney auctions to secure a home before the end of the year.
“The influx of stock hasn’t suppressed property prices, which gives sellers confidence they can buy and sell within the same market while achieving a great price for their home,” Mr Pattaro said.
“With the international border opening on Monday and more people returning home, it’s likely that we see this momentum continue right through to the end of the year, and potentially into the early part of 2022.”
In what is traditionally a quiet real estate weekend in Victoria for the Melbourne Cup long weekend, 2021 was the direct opposite with vendors, buyers and agents embracing the return of onsite auctions.
Ray White Victoria and Tasmania CEO Stephen Dullens discussed this increase in activity.
“As restrictions eased on Friday night to now allow up to 500 fully vaccinated attendees at an outdoor auction, this is very much a return to normal across Melbourne,” Mr Dullens explained.
“We all know Melbourne is the auction capital of Australia and we’re excited to once again be back on the street assisting our customers.”
While Melbourne has had the strictest real estate restrictions across the country, the market continues to show strength and is expected to do so in the lead up to Christmas.
“Since restrictions have eased in the last month, we’ve seen a huge increase in new listings hit the market – in fact, the last few weeks of new listings have been some of our strongest on record,” Mr Dullens said.
“The Ray White Group have conducted close to 200 auctions across Victoria this week, significantly more than we’d normally see at Melbourne Cup time and a sign once again of the pent-up demand in the market.
“We look forward to continuing to assist our customers in what will no doubt be a very busy few months,” Mr Dullens concluded.
Ray White Victoria Chief Auctioneer Matt Condon said more and more sellers were choosing to move their auctions on site with Melbourne’s electric auction atmosphere once again returning to the streets.
The crisp weather saw healthy crowds attend each auction with buyers, spectators and neighbours alike arriving to witness Victoria’s strong real estate market.
“Based on preliminary data from the Ray White Group we have seen another increase in the average number of active bidders per auction, with competitive bidding continuing even once properties were announced on the market with the high level of demand for quality property,” he said.
“We’re expecting strong auction results to continue for the remainder of 2021.”
In Brisbane, Ray White Ascot sales agent Andrew Flanagan sold 4 Beauval St, Kedron for $1.1 million to a Sydney investor who bought it sight unseen.
“The winning buyer was on the phone and had only seen the property during a Facetime inspection given the border restrictions,” Mr Flanagan said.
“There were 12 registered bidders in total and the sellers – who had done a fantastic renovation after they bought the house in 2014 – are moving up the coast.”
Meanwhile, Mr Flanaghan also sold the adorable Queenslander at 12 Lincoln St, Wilston on Saturday at auction for $1.45 million to a first home buyer couple.
Wilston has long been a popular suburb due to the proximity to the city while still being a family-friendly area.
As the property is close to the Wilston cafe precinct it attracted investors as well as local owner occupiers looking to get into the suburb.
Mr Flanagan had taken more than 100 groups through open homes, and there were a whopping 24 registered bidders fighting to secure the keys.
“This house has been very popular with first home buyers.”
Ray White South Australia Chief Auctioneer John Morris said the only thing spooky about Halloween Eve was the consistent strength of the auction market.
“Many people may be celebrating Halloween this weekend across Australia but there’s nothing spooky about our results,” Mr Morris said.
“We’ve got 26 per cent market share of all auctions within South Australia this week and so far the clearance rate is well in excess of 95 per cent and we’ve got nine registrations per lot on average.
“We have bidding on everything with four active participants per auction. Every auction I’ve called this week has sold under the hammer and sold for well above reserve.”