The combined capital cities have enjoyed their busiest auction week since late March and the fifth busiest since CoreLogic records commenced in 2008, with 3725 properties going under the hammer.
The rise in volume has again impacted the clearance rate, which continued the downwards trend seen since the recent peak in early October to this week come in at 74.5 per cent, based on the 2989 results collected so far.
Last week the preliminary clearance rate was 75.5 per cent but revised down to 73.2 per cent at final figures.
This time last year 69.1 per of auctions held were successful.
Across Melbourne, 1644 homes were taken to auction this week, up from the 1564 that were held last week.
This week was Melbourne’s third busiest of the year and marked its seventh consecutive week where auction volumes were in excess of 1000.
With 1360 results collected so far, Melbourne’s preliminary clearance rate fell to 72.7 per cent.
The previous week saw a preliminary clearance rate of 74.1 per cent, which later revised down to 71.8 per cent.
This time last year 70 per cent of the 646 auctions held recorded a successful result.
Sydney hosted 1369 auctions this week, overtaking the week prior as its second busiest of the year.
Volumes were up 8.7 per cent compared to last week (1259), while this time last year 805 auctions occurred.
The increase in volumes saw Sydney’s preliminary clearance rate continue to fall for the seventh consecutive week, recording a rate of 73.4 per cent with 1360 results recorded so far.
Last week, Sydney’s preliminary clearance rate was 75.1 per cent, but revised down to 71.5 per cent at final figures, while this time last year 71.6 per cent of auctions were successful.
“Continuing the trend seen since mid-October, Sydney’s withdrawal rate increased this week, recording its highest withdrawal rate since late July (16.6 per cent),” CoreLogic noted.
The smaller capitals
Across the smaller capitals, preliminary clearance rates rose despite a record number of auctions held in Canberra and Adelaide.
Canberra recorded the highest preliminary clearance rate, with 85.7 per cent proving successful, followed by Brisbane at 82.5 per cent.
Adelaide recorded a preliminary clearance rate of 79.6 per cent.
“However, given the significant upwards trend in Adelaide’s final clearance rates last week and with 91 results outstanding, it’s possible the final clearance rate could exceed 80 per cent,” CoreLogic said.
“In Perth, five of the 12 results collected so far were successful, while the single auction held across Tasmania this week reported a successful result.”
CoreLogic preliminary results
Domain has reported a national preliminary clearance rate of 71.9 per cent after tracking 2764 auctions across the major capitals this week.
So far, results are in for 1919 of those auctions, with 1380 properties selling (to the value of $1213.6 million), while 306 properties were withdrawn.
Last week, the clearance rate settled at 73.2 per cent after 2580 properties were taken to auction.
Results were provided for 2119 of those auctions, with 1552 properties selling (to the value of $1392.5 million), while 234 properties were withdrawn.
This time last year, the clearance rate was 69.6 per cent after 1427 properties were taken to auction.
Results were provided for 1343 of those auctions, with 935 properties selling (to the value of $1222.5 million), while 184 properties were withdrawn.
Sydney’s preliminary clearance rate for this week was 71.3 per cent after 1075 properties were taken to auction.
So far, results have been provided for 738 of those auctions with 526 properties selling (to the value of $560.9 million), while 148 properties were withdrawn.
Last week, Sydney’s final clearance rate was 71.1 per cent after 992 properties were taken to auction.
Results were provided for 834 of those auctions, with 593 properties selling (to the value of $654 million), while 121 properties were withdrawn.
This time last year, Sydney’s clearance rate was 72.4 per cent after 727 properties were taken to auction.
Results were provided for 671 of those auctions, with 486 properties selling (to the value of $755.8 million), while 87 properties were withdrawn.
This week, Melbourne’s preliminary clearance rate is currently sitting at 69.3 per cent after 1275 properties were taken to auction.
So far, results are in for 905 of those auctions, with 627 properties selling (to the value of $504.8 million), while 133 properties were withdrawn.
Last week, Melbourne’s clearance rate was 73 per cent after 1210 properties were taken to auction.
Results were provided for 981 of those auctions, with 716 properties selling (to the value of $568.4 million), while 88 properties were withdrawn.
This time last year, Melbourne’s clearance rate was 69 per cent after 492 properties were taken to auction.
Results were provided for 487 of those auctions, with 336 properties selling (to the value of $369.5 million), while 68 properties were withdrawn.
Ray White results
As auction volumes continue to rise, the Ray White Group reported buyer activity remained strong at auctions across the country, with the real estate group recording a preliminary auction day clearance rate of 80.5 per cent.
While Sydney produced the top sale and the top number of bidders for the day, the standout city by clearance was Brisbane, which recorded a 92.9 per cent clearance rate.
Of the 412 scheduled auctions for Saturday, 253 proceeded to auction, with 90 selling prior and 27 postponed to a later date. Average registered bidders sat at five nationally.
Notably, the Ray White Group reported an auction in Wakeley, New South Wales, had 22 registered bidders which still demonstrates the intense buyer demand.
Ray White New South Wales chief auctioneer Alex Pattaro said there had been a noticeable shift in the market this week.
“The market is not where it was two months ago, there’s more stock on the marketplace and buyers have more choice,” Mr Pattaro said.
“Despite all this, auction day prices are still very strong and typically a reflection of where the market is willing to pay, which is still well above averages from this time last year.
“Of the properties that are passing in, the majority are down to vendors’ expectations exceeding the market.”
With the announcement that the final stage of restrictions would be relaxed across Victoria from this weekend, Ray White Victoria and Tasmania CEO Stephen Dullens said the market has now returned to a “COVID normal”.
“The further relaxation of restrictions is fantastic for the Victorian community,” Mr Dullens said.
“Market conditions remain strong – in fact, the number of new listings that have hit the market are exceptional.
“Across Victoria, Ray White has launched more listings online in the last month than at any other time in our history.
“It is fantastic to see the Melbourne and Victorian markets recovering and returning to full strength after a long winter of lockdowns and restrictions.”
Ray White Queensland chief auctioneer Gavin Croft said the first two weeks of November had seen the average registered bidders for Brisbane jump from seven to nine.
“That theme has continued this week,” Mr Croft said.
“This week’s in-room auctions across Brisbane experienced close to 100 per cent clearance rates and a high volume of registered bidders per auction.
“From those auctions we could sense that today we were in for another positive day.”
Ray White South Australia chief auctioneer John Morris said this had been the state’s second busiest week of auctions for 2021.
“It really is looking like it’s going to be an incredible November,” Mr Morris said.
“Last week we had 68 auctions scheduled, this week we have 67 auctions scheduled.
“Next week is looking like it’s going to eclipse this week and the week before with 88 auctions scheduled.
“All other statistics are looking pretty consistent across the board with an average of seven registered bidders, with approximately three of those participating, about the same as last week.
“We’re selling approximately 85 per cent of properties under the hammer.”