Auction volumes continue to climb across the capitals, with the preliminary clearance rate topping 80 per cent for the fourth consecutive week this year.
CoreLogic reports there were 2451 homes taken to auction across the combined capital cities this week, up from 2128 over the previous week, although lower than this time last year when 3026 auctions were held.
Of the 2053 results collected so far, 81.9 per cent reported a successful result, down from last week’s preliminary auction clearance rate of 84.4 per cent, which revised to 79.6 per cent at final figures.
Over the same week last year, 73.9 per cent of reported auctions were successful across the combined capital cities.
The final auction clearance rate has held above 75.0 per cent since auction reporting re-commenced in late January after the seasonal slowdown and this week will likely be no exception despite higher volumes.
In Melbourne, 1273 homes were taken to auction this week, compared to 1095 over the previous week and 1612 this time last year.
Of the 1091 auction results collected so far, 77.7 per cent were reported as successful, down from the previous week’s preliminary clearance rate of 82.2 per cent, which revised down to 77.4 per cent at final figures.
This time last year, 74.8 per cent of reported auctions were successful.
Sydney was host to 844 auctions this week, increasing from 768 over the previous week, although lower than this time last year when 1087 homes were taken to auction across the city.
The preliminary clearance rate came in at 88.9 per cent this week, up slightly from the previous week’s preliminary clearance rate of 88.2 per cent, which revised down to 83.4 per cent at final figures. This time last year, 76.6 per cent of reported auctions were successful.
CoreLogic notes it is likely that Sydney’s final clearance rate will come in around the low to mid 80 per cent range for the fourth consecutive week.
The smaller capitals
Across the smaller cities, Canberra recorded the highest preliminary clearance rate at 84.7 per cent, followed by Adelaide (82.5 per cent) and Brisbane (79.0 per cent).
Domain’s data also indicates a preliminary clearance rate above 80 per cent (82.1 per cent) with 2163 properties taken to auction this weekend across the major markets.
Of the 1611 results reported so far, 1323 auctions were successful (totalling a value of $1225.8 million) while 94 properties were withdrawn.
Last week, Domain’s reported auction volume was lower, with 1795 properties slated for auction and a final clearance rate of 77.4 per cent.
Results were provided for 1583 of those auctions, with 1225 properties successfully selling (to the value of $1084.5 million), while 121 properties were withdrawn.
This time last year, volume was higher, but the final clearance rate was lower, with 2611 properties listed for auction and a final clearance rate of 71.6 per cent.
Results were provided for 2347 of those auctions with 1680 properties successfully selling (to the value of $2074.9 million), while 116 properties were withdrawn.
Sydney’s preliminary clearance rate hit 88 per cent this week as volume increased to 734 properties taken to auction.
Of the 573 results provided so far, 504 properties have successfully sold (to the value of $568 million) while just 38 properties were withdrawn.
This week’s volume is an increase on last week when 626 properties were taken to auction and the final clearance rate came in at 82.5 per cent.
Results were provided for 577 of those auctions, with 476 properties successfully selling (to the value of $521.1 million), while 43 properties were withdrawn.
This time last year Sydney’s volume and value were higher, but the clearance rate was lower. In the same week last year, 926 properties were listed for auction and the clearance rate was 75.5 per cent.
Results were provided for 828 of those auctions, with 625 properties successfully selling (to the value of $948.2 million), while 66 properties were withdrawn.
Melbourne’s volume is also on the up, with 1211 properties taken to auction this week resulting in a preliminary clearance rate of 78.5 per cent.
So far, results are in for 889 of those auctions, with 698 properties successfully selling (to the value of $565.5 million), while 46 properties were withdrawn.
Last week, Melbourne’s volume was 1010 properties listed for auction and the final clearance rate came in at 74.5 per cent.
Results were provided for 855 of those auctions, with 637 properties successfully selling (to the value of $490.1 million) while 70 properties were withdrawn.
In the same week last year, Melbourne’s volume and value were higher, but like Sydney, their clearance rate was lower.
This time last year, 1467 properties were listed for auction, and the clearance rate was 70.9 per cent.
Results were provided for 1331 of those auctions, with 944 properties successfully selling (to the value of $1037.9 million), while 44 properties were withdrawn
Ray White results
Ray White closed out its summer selling season with a record-breaking day of strong results across the country and an 84 per cent preliminary national clearance rate.
They reported more than $1.3 billion worth of property has now changed hands at Ray White auctions in February alone. That’s more than three times the value of the group’s total January auction sales.
The Ray White group had 548 properties scheduled for auction this week, and 365 of those were booked for Saturday.
In Sydney alone, the clearance rate reached 88 per cent propelled by intense buyer demand while listing volume remained steady week on week.
“There was yet another increase in average registered bidders nationally to 7.2 per auction lot, up from 6.8 per lot last week with agents reporting huge crowds across Australia,” the group reported.
“There were even at least two auctions held in Adelaide on Saturday where more than 200 people arrived to watch properties across under the hammer.”
New South Wales
Despite the rain in Sydney, buyers couldn’t keep away, with a number of records smashed throughout the NSW capital.
Ray White NSW Chief Auctioneer Alex Pattaro said summer’s last auction weekend finished with a bang.
“We are seeing an extremely high number of bidders, who are coming out fast and strong from the get-go,” Mr Pattaro said.
“Bidding strategies are aggressive, although sometimes not successful because of the sheer demand from other bidders,” he said.
“Family homes continue to outperform the market, with the top end of town also performing better week after week.
“I am also noticing a very strong city metro market, with those more affordable suburbs on the outer fringe of the city attracting a huge number of buyers,” Mr Pattaro said.
The Victorian market also continues to show its strength, with hundreds of bidders turning up in force at auctions across Melbourne.
Ray White Victoria and Tasmania Chief Auctioneer Matt Condon said the increase in auction volume this week had been met with strong buyer demand.
“Buyers arrived with a clear strategy in mind today, and were aggressively bidding and doing everything they could to secure their desired property,” Mr Condon said on Saturday.
“Competition still remained strong, even once the properties were announced on the market and selling.”
Ray White Queensland Chief Auctioneer Mitch Peereboom said there was no sign of the market slowing down across all price ranges, with plenty of buyers willing to compete.
“If you are looking at coming to the marketplace, we can speak with so much confidence when we say that we have buyers that are wanting to buy now. There is not as much stock as what they are used to, and they are ravenous,” Mr Peereboom said.
In South Australia, Ray White South Australia and Northern Territory Chief Auctioneer John Morris said the Ray white group continued to enjoy strong results on the back of a solid January
“This month will be about the same; we are estimating that we will have around 40 per cent of market share across the state, and 80 per cent auction day clearance rate for Ray White.”
“It has been a fantastic weekend, and a gorgeous day to be an auctioneer,” Mr Morris said.