Auction activity continued to increase this week, with volume up 20.7 per cent week-on-week and also proving 36.2 per cent higher than the same time last year.
CoreLogic noted volume rose to 2898 auctions this week, resulting in a preliminary clearance rate of 74.6 per cent.
The rise in auction numbers continues a trend seen throughout the year so far.
This year’s preliminary clearance is slightly lower than last week when 75.7 per cent of auctions were initially recorded as successful.
This later revised down to a final clearance rate of 73.5 per cent.
CoreLogic said, with 478 results still outstanding, it was likely this week’s results would be revised down at final figures and could mark the end of the upwards trend in clearance rates seen throughout the year to date.
This time last year 79.6 per cent of auctions held were successful.
Melbourne was the busiest auction market again this week, hosting almost half (45.8 per cent) of all auctions held across the capitals.
In total, 1328 auctions were held across the city, marking a 27.8 per cent week-on-week increase in volume.
Of the 1141 results collected so far, 74.2 per cent were successful, making Melbourne the only capital to record a rise in its preliminary clearance rate.
Last week, Melbourne recorded a preliminary clearance rate of 70.3 per cent, which was later revised to 69.7 per cent at final figures.
Compared to this time last year, when 77.4 per cent of the 1095 auctions held were successful, this week’s auction activity was up 21.3 per cent.
Sydney’s auction activity exceeded 1000 for the first time this year, with 1020 homes taken to auction this week.
Compared to the previous week when 886 auctions were held, volumes were up 15.1 per cent and up 32.8 per cent compared to this time last year.
With 855 results collected so far, 75.6 per cent recorded a successful result.
This was slightly higher than last week’s final clearance rate of 75.4 per cent but down from its preliminary rate of 79.6 per cent.
This time last year, 83.4 per cent of auctions held were successful.
The smaller capitals
Across the smaller capitals, clearance rates fell as auction activity recovered following last week’s small dip.
With 550 homes taken to auction across the smaller capitals, the volume of auctions held this week was more than double the number recorded this time last year (265).
Recording the highest clearance rate for the fourth consecutive week, Canberra was the only capital to return a preliminary clearance rate in excess of 80 per cent, with 80.2 per cent of the 116 results recorded so far returning a positive result.
Adelaide’s clearance rate fell from 78.5 per cent the week prior to 76.5 per cent this week, while the 24.1 per cent rise in Brisbane’s auction activity saw its clearance rate fall to 68.6 per cent.
Across Perth, 66.7 per cent of auctions held were successful, while two results have been collected across Tasmania, neither of which were successful.
Domain has reported a preliminary clearance rate of 75.5 per cent after tracking 2341 auctions in the major capitals.
So far, results are in for 1735 of those auctions, with 1310 properties selling (to the value of $1202.6 million), while 174 auctions were withdrawn.
Last week, the final clearance rate settled at 72.7 per cent after 1985 properties were taken to auction.
Results were provided for 1712 of those auctions, with 1244 properties selling (to the value of $1146.8 million), while 147 properties were withdrawn.
This time last year, the clearance rate was 77.6 per cent after 1752 properties were taken to auction.
Results were provided for 1624 of those auctions, with 1260 properties selling (to the value of $1767.3 million), while 121 properties were withdrawn.
Sydney returned a preliminary clearance rate of 77.1 per cent after 878 properties were taken to auction.
So far, results are in for 620 of those auctions, with 478 properties selling (to the value of $535.4 million), while 95 properties were withdrawn.
Last week, Sydney’s final clearance rate was 75.4 per cent after 788 properties were taken to auction.
Results were provided for 680 of those auctions, with 513 properties selling (to the value of $563 million), while 79 properties were withdrawn.
This time last year, Sydney’s clearance rate was 83 per cent after 621 properties were taken to auction.
Results were provided for 593 of those auctions, with 492 properties selling (to the value of $893.4 million), while 41 properties were withdrawn.
Melbourne’s preliminary clearance rate is 72.8 per cent after 1129 properties were taken to auction this week.
So far, results are in for 892 of those auctions, with 649 properties selling (to the value of $522.6 million), while 70 properties were withdrawn.
Last week, Melbourne’s clearance rate was 67.3 per cent after 891 properties were taken to auction.
Results were provided for 782 of those auctions, with 526 properties selling (to the value of $423.7 million), while 62 properties were withdrawn.
This time last year, Melbourne’s clearance rate was 74 per cent after 980 properties went to auction.
Results were provided for 874 of those auctions, with 647 properties selling (to the value of $771.7 million) while 73 properties were withdrawn.
Ray White results
The Ray White Group also reported auction activity continued to ramp up across the country this week, with the group recording a preliminary auction day clearance rate of 81.6 per cent.
Across Ray White’s networks, Sydney produced the top sale of the day, Adelaide produced the top number of registered bidders and was also the standout city by clearance rate at 86.7 per cent.
Of the 366 scheduled auctions for Saturday, 253 proceeded to auction, with 48 selling prior and 29 postponed to a later date.
Average registered bidders sat at 5.9 nationally. Notably, an auction in South Plympton, South Australia, had 33 registered bidders.
New South Wales
Ray White New South Wales chief auctioneer Alex Pattaro said the auction market had stabilised in 2022.
“Good properties in desirable locations continue to be the standard auctions, achieving prices well above sellers’ expectations. Buyers remain more cautious with a sense of fear in overpaying,” Mr Pattaro said.
“Sellers need to be reminded that the prices we are seeing now are stable, and considerably higher than many years ago.
“We are yet to see property prices rapidly increase week to week as we saw last year, making it a great time buy and sell simultaneously.”
Despite much talk of interest rates and the upcoming federal election, Ray White Victoria and Tasmania chief executive Stephen Dullens said the state continued to see strong results across the board, with buyers once again out in force.
“Despite the strange start to the year with Covid concerns, buyers remain extremely active and are getting on with their property journey,” Mr Dullens said.
“After our strongest ever January across Ray White in Victoria, we’ve seen a sharp increase in new listings hitting the market with buyers having much more choice compared to this time last year.”
Despite the additional listings, purchasers continue to outnumber available listings, with buyers remaining keen to secure a property.
“With almost 200 auctions scheduled across Victoria this week, the real estate year is well and truly in full swing,” Mr Dullens said.
Ray White Queensland chief auctioneer Gavin Croft said he had noticed the aggressive nature of sold-priors across Brisbane this week.
“The first five properties I was due to auction today all sold prior. Each one was a case of astute buyers coming in with really strong offers and doing everything they can to stop that auction,” Mr Croft said.
“It’s something we haven’t seen a lot of here in Brisbane in the last six months, but it will be interesting to see if this is a trend that continues over the coming weeks.”
Ray White South Australia chief auctioneer John Morris said the auction market was extremely strong across the state.
“We enter the weekend with an incredible 86 per cent of auctions selling under the hammer and, with the influx of midweek auctions, that’s not a small number to have sold this week,” he said.
“The market is still looking extremely strong in South Australia with plenty of bidders out there and plenty of buyers.
“If you’re not considering selling now you could be missing out on tens of thousands of dollars, and especially if you’re not considering selling via the auction method.”