There were 1849 homes taken to auction across the combined capital cities this week, resulting in a preliminary clearance rate of 74.8 per cent this week.
CoreLogic noted the volume of auctions is lower than the 2153 originally expected earlier in the week, with Melbourne, Sydney and Adelaide currently in lockdown.
Last week, 2097 auctions were held, while this time last year, 1326 homes were taken to auction.
Of the 1509 results collected so far this week, 74.8 per cent were successful.
This is lower than the previous week’s preliminary clearance rate of 76.3 per cent, which revised down to 73.7 per cent at final figures.
This time last year, only 54.1 per cent of reported auctions were successful.
There were 858 auctions held across Melbourne this week, revising down from the 1087 originally scheduled.
The previous week saw 967 homes taken to auction across the city, while this time last year, 540 auctions were held.
Of the 700 results collected so far, 71.9 per cent were successful, while 24.1 per cent were reported as withdrawn.
Of the 503 sold results collected so far, 53.7 per cent were sold prior to auction.
The previous week recorded a higher preliminary auction clearance rate of 76.4 per cent, revising down to 71.5 per cent by final collection on Wednesday.
Sydney saw 597 properties taken to auction, down from the previous week which saw 769 homes taken to auction across the city. This week the number of properties taken to auction in the harbour city was only three more than the same time last year (594).
Of the 523 results collected so far, 74.8 per cent were successful, while 22.4 per cent have been withdrawn.
Of the 391 sold results, 61.6 per cent were sold prior to the scheduled auction date.
Last week, Sydney’s preliminary clearance rate was a higher 77.1 per cent, revising down to 76.6 per cent at final figures.
The smaller capitals
Canberra was the best performing capital city auction market this week with a preliminary auction clearance rate of 94.9 per cent, followed by Adelaide at 82.3 per cent. Brisbane was the busiest of the smaller capital cities with 169 auctions held.
Domain’s data also indicates the preliminary clearance rate and auction volume dipped further this week, with withdrawal rates high as the nation’s two major auction markets remain in lockdown.
This week, they tracked 1944 properties listed for auction, which returned an initial success rate of 69.5 per cent.
So far, results are in for 1181 of those auctions, with 821 properties selling (to the value of $649.5 million), while 311 properties were withdrawn.
Last week the final clearance rate settled at 70.6 per cent after 2178 properties were taken to auction.
Results were provided for 1657 of those auctions, with 1170 properties selling (to the value of $978.8 million), while 352 properties were withdrawn.
This time last year, 1166 properties were listed for auction nationally, resulting in a final clearance rate of 53.1 per cent.
Results were provided for 1103 of those auctions, with 586 properties selling (to the value of $641.9 million), while 291 properties were withdrawn.
Sydney’s preliminary clearance rate continues to hold above 70 per cent this week, despite ongoing lockdowns.
This week, 566 properties were taken to auction, resulting in an initial success rate of 72 per cent.
That data is based on 404 results returned, with 291 properties selling (to the value of $286.9 million), while 97 properties were withdrawn.
Last week, Sydney’s final clearance rate settled at 73.8 per cent after 870 properties were taken to auction.
Results were provided for 668 of those auctions, with 493 properties selling (to the value of $504.6 million), while 143 properties were withdrawn.
This time last year, Sydney’s clearance rate was 58.5 per cent after 533 properties were taken to auction.
Results were provided for 504 of those auctions, with 295 properties selling (to the value of $396.4 million), while 87 properties were withdrawn.
Melbourne’s preliminary clearance rate is sitting at 66 per cent after 1120 properties were taken to auction this week.
So far, results are in for 605 of those auctions, with 399 properties selling (to the value of $274.8 million), while 185 properties were withdrawn.
Last week, Melbourne returned a final clearance rate of 66.8 per cent after 1062 properties were taken to auction.
Results were provided for 780 of those auctions, with 521 properties selling (to the value of $362.6 million) while 199 properties were withdrawn.
This time last year, only 517 properties were listed for auction, resulting in a final clearance rate of 46.1 per cent.
Results were provided for 488 of those auctions, with 225 properties selling (to the value of $189.8 million), while 203 properties were withdrawn.
Ray White results
The Ray White Group booked an 87 per cent clearance rate this weekend with an average of 7.8 registered bidders and 4.3 active bidders tuning in either on site or online across the country.
In Melbourne, Ray White Victoria chief auctioneer Matthew Condon said the shortage of auction supply combined with a high level of buyer demand created an environment that was conducive towards sellers achieving a premium price.
“Despite the snap lockdown and not being able to run inspections for the past nine days, sellers who chose to continue with the auction today were heavily rewarded with high clearance rates and exceptional prices,” Mr Condon said.
“Preliminary data from the Ray White Group also revealed a significant increase in the average number of active bidders per auction. Overall, Ray White Victoria is expecting a clearance rate into the 90 per cents.”
Ray White Victoria and Tasmania CEO Stephen Dullens added that all eyes were now on the government to determine what changes would come into effect next week.
“While online auctions have been extremely successful, we know the inability for customers to physically inspect properties results in a significant slowdown in both the sales and rental markets,” Mr Dullens said
“While manageable for a short term, we are aware of a number of our customers with an urgent need to buy, sell or lease property which is made nearly impossible with property inspections paused.
“With case numbers improving, we’re very hopeful of an announcement from the government in the coming days that again allows us to assist our customers.”
New South Wales
In Sydney, real estate agents are still fortunate enough to be able to serve customers in need by doing private inspections.
Ray White New South Wales chief auctioneer Alex Pattaro said this is the fourth week of lockdown and this weekend’s clearance rate and number of registered bidders will give a really good indication of what lies ahead over the next couple of months.
“Auctioned properties sold today or prior to auction had campaigns that have taken place entirely in lockdown so this week will give us a clear idea of where the market sits,” Mr Pattaro said.
“Stock levels are low but buyer activity is high making it a great sellers’ market and while we understand it might be difficult for sellers to allow people through their home, they can take full confidence in the fact that the Ray White Group are taking appropriate precautionary measures to keep the community safe while also creating competition and achieving premium prices.
“After lockdown ends, we are anticipating more stock will hit the market at the one time, allowing buyers more choice to secure a home and less competition for listings.”
Focusing on the sunshine state, Ray White Chief Economist Nerida Conisbee said Brisbane was entering a “Golden Decade” of property prosperity and the Olympics will be a huge drawcard.
“Queensland is currently seeing the strongest population growth in Australia, with particularly high movement of people out of southern states to southeast Queensland. This strong growth is expected to continue which will have widespread impacts across all price points,” Ms Conisbee said.
And in Brisbane, the number of $1 million plus suburbs has increased by a third over the past 12 months.
In Adelaide, Ray White South Australia chief auctioneer John Morris said during lockdown week in the state, there were 140 auctions scheduled to go under the hammer with 36 per cent of them flying the Ray White flag.
“That has dropped down quite significantly, 83 auctions were scheduled for this Saturday alone but that’s dropped down to 40 for the whole weekend,” Mr Morris said.
“What I am particularly happy to say is that I had 18 auctions scheduled for this week and all are going ahead on the online forum, ensuring that we continue to give certainty to our clients in an uncertain time.”