Auction volumes dipped this week, with the preliminary clearance also falling to its lowest level since late August.
With 1501 results collected so far, 59.8 per cent were successful.
This was the first time the preliminary clearance rate has slipped 60 per cent since late August, CoreLogic stated.
Last week’s preliminary clearance rate was 2.9 percentage points higher (62.7 per cent), revising down to 60.7 per cent at final figures.
This time last year, 76.8 per cent of reported auctions were successful.
This week’s lower volumes were attributed to a sharp decrease in Melbourne where the Spring Racing Carnival is well under way.
Next week, however, volumes are expected to increase.
“We are expecting to see a slight increase in auction volumes week-on-week, with just under 1950 homes currently scheduled for auction across the combined capital cities next week,” CoreLogic said.
There were 582 homes taken to auction in Melbourne this week as the Melbourne Cup Carnival takes over the city.
The previous week saw 1163 homes taken to auction across the city, while this time last year, 1752 auctions were held.
Of the 494 results collected so far, 60.7 per cent were successful, down 3.9 percentage points from the previous week (64.6 per cent), which revised down to 62 per cent at final figures.
“Once the remaining results are collected, Melbourne’s final clearance rate will likely slip below 60 per cent for the first time since the week ending 28 August (59.7 per cent),” CoreLogic said.
There were 762 auctions in Sydney this week, up from 632 last week.
With 637 results collected so far, 62.3 per cent were successful, up 70 basis points from last week’s preliminary clearance rate of 61.6 per cent.
At final figures, that later revised down to 60.4 per cent.
This time last year, 1151 homes were taken to auction across the city, and a clearance rate of 76.6 per cent was reported.
The smaller capitals
Across the smaller capital cities, Brisbane was the busiest auction market this week with 218 homes taken to auction across the city, followed by Canberra (163) and Adelaide (154).
There were 28 auctions held in Perth this week, and just one in Tasmania.
Adelaide has recorded the strongest preliminary clearance rate so far (68.2 per cent), followed by Canberra (59.8 per cent), Brisbane (45.7 per cent) and Perth (38.5 per cent).
Domain has reported a preliminary clearance rate of 62.8 per cent after tracking 1436 auctions across the major capitals.
So far, results are in for 916 of those auctions, with 575 properties selling (to the value of $482.7 million), while 160 properties were withdrawn.
Last week, the final clearance rate settled at 61.6 per cent after 1847 auctions took place.
Results were provided for 1595 of those auctions, with 982 properties selling (to the value of $788.8 million) while 190 properties were withdrawn.
This time last year, 2288 properties went to auction, resulting in a final clearance rate of 74.9 per cent.
Results were provided for 2194 of those auctions, with 1643 properties selling (to the value of $2434.2 million) while 239 properties were withdrawn.
Sydney’s preliminary clearance rate is 64.4 per cent this week after 615 properties went to auction.
So far, results are in for 402 of those auctions, with 259 properties selling (to the value of $260.2 million), while 99 properties were withdrawn.
Last week, Sydney’s final clearance rate was 59.9 per cent after 557 auctions occurred.
Results were provided for 466 of those auctions, with 279 properties selling (to the value of $267.1 million), while 95 properties were withdrawn.
This time last year, Sydney’s final clearance rate was 76.1 per cent after 859 auctions took place.
Results were provided for 786 of those auctions, with 598 properties selling (to the value of $1217.6 million), while 90 properties were withdrawn.
Melbourne’s preliminary clearance rate is 60.6 per cent after volume dropped to only 485 auctions this weekend.
So far, results are in for 335 of those auctions, with 203 properties selling (to the value of $144.2 million), while 46 properties were withdrawn.
Last week, 1049 properties went to auction in the Victorian capital, resulting in a final clearance rate of 63.3 per cent.
Results were provided for 927 of those auctions, with 587 properties selling (to the value of $449.4 million), while 86 properties were withdrawn.
This time last year, Melbourne’s clearance rate was 73.5 per cent after 1090 properties went to auction.
Results were provided for 1075 of those auctions, with 790 properties selling (to the value of $959.6 million), while 120 properties were withdrawn.
Ray White results
Auction bidders and buyers were greeted with sunshine, higher temperatures and higher auction volume on Saturday, with the Ray White network reporting a national preliminary clearance rate of 70 per cent.
The group noted there was a sense of optimism from agents and auctioneers across every capital city, with many indicating the spring selling season was well and truly underway, albeit a bit later than previous years.
The top sale of the day was for the home of Ray White New South Wales CEO Andrew McCulloch, who said that the result was an indication of market strength.
The property at 342 Annandale Street, Annandale sold under the hammer for $3.5 million.
“Our decision to list our home and take it through to auction today, is a reflection of our confidence in this current market,” Mr McCulloch said.
Sydney saw a bounce back this week, recording a preliminary clearance rate of 79 per cent and huge bidder numbers, with 44A Woods Road, Sefton attracting 24 registered bidders.
Adelaide came in with the highest clearance rate at 81 per cent, and achieved on average 5.6 registered bidders per auction.
Ray White New South Wales chief auctioneer Alex Pattaro said the Sydney market matched the weather this weekend, with strong competitive bidding shining all over the harbour city.
“Our average number of registered bidders continues to increase, as do the active bidders across our auctions,” Mr Pattaro said.
“The market sentiment is much better than what it has previously been, making it a great time to transact.
“Buyers now expect rates to continue moving north and have factored this into their decision to either buy or wait.
“Stock volume is down compared to last year, however with the bidding activity we are seeing, now could be the prime time to obtain the best result,” he said.
Despite the festivities of the spring racing carnival, the Ray White group reported auction action did not slow down in Melbourne.
Ray White Victoria and Tasmania CEO Stephen Dullens explained the large number of auctions this week capped off a busy month.
“This week across Ray White Victoria we’ve seen 170 scheduled auctions, again showing the health of the market,” Mr Dullens said.
“With customers enjoying the increase in auction activity and listings coming to market, buyers continue to seek quality property that is rewarding vendors who are priced well, with strong competition being seen.”
The busy weekend has capped off what has been a huge month of auctions.
“With well over 700 auctions scheduled across Ray White Victoria during October, this weekend caps off what has been a busy month.
“With the number of auction weekends rapidly reducing, buyers remain out in force looking to secure their property purchase prior to Christmas.
“We’re looking forward to seeing what the balance of 2022 brings.”
Ray White Queensland chief auctioneer Gavin Croft said the leading group had well over 100 auctions scheduled across Brisbane this week.
“This is a big jump on volume, compared to the first six weeks of spring.
“Sellers are feeling that the market is settling, and therefore we are seeing a lot more people come to market now, a bit later in spring than usual,” Mr Croft said.
“We are seeing registered bidders hovering between three to four per auction and clearance rates are around 50 to 60 per cent.
“It is very positive to see volume increasing. As stock was tight at the start of spring, it seems there is more action happening to finish the year strong.”
Ray White South Australia chief auctioneer John Morris said that while bidder registrations are at the lowest they have been for 2022 in South Australia, those who are participating in bidding have remained consistent throughout the whole year.
“This has returned a very high clearance rate.
“Last week we sat at 85 per cent clearance and for those 15 per cent that didn’t sell under the hammer, they did sell very quickly afterwards,” Mr Morris said.