Over three quarters of auctions proved successful this week after 2418 properties were taken to auction, resulting in a preliminary clearance rate of 77.8 per cent.
CoreLogic noted the volume was again down on numbers predicted earlier in the week, revising down from 2610 with the majority of that drop occurring in Melbourne.
Of the 1955 results collected so far, 77.8 per cent were successful, compared to 77.4 per cent the previous week which revised down to a final clearance rate of 73.6 per cent.
Last week 1413 homes taken to auction across the combined capitals, while this time last year 1251 auctions were held.
There were 786 auctions held across Melbourne this week resulting in a preliminary clearance rate of 71.5 per cent.
CoreLogic explained 935 auctions had originally been scheduled.
The week prior, 355 homes were taken to auction, while this time last year, 558 auctions were held across the city.
“Of the 650 results collected so far, 71.5 per cent were successful,” CoreLogic said.
This is below the previous week when a preliminary clearance rate of 73.0 per cent was recorded. It later revised down to 68.8 per cent at final figures.
Of the 465 sold results reported across Melbourne so far, 38.1 per cent were sold prior to auction.
Sydney saw 1174 homes taken to auction this week, resulting in a preliminary clearance rate of 82.6 per cent.
Last week 745 auctions were scheduled in the harbour city. This time last year there were 522.
CoreLogic explained that of the 945 results collected so far this week, 82.6 per cent of auctions proved successful.
Last week’s preliminary clearance rate was a lower 78.5 per cent, which revised down to 74.1 per cent at final figures.
Meanwhile, of the 781 sold results reported so far, 48.5 per cent were sold prior to auction.
“Only 7.7 per cent of Sydney auctions were reported as withdrawn, based on the results collected so far,” CoreLogic said.
“With a relatively low withdrawal rate and high preliminary clearance rate, it looks like the recent outbreak hasn’t had a material impact on Sydney auction markets.”
The smaller capitals
Across the smaller capital cities, Brisbane recorded a preliminary auction clearance rate of 79.1 per cent, followed by Canberra where preliminary results show 78.1 per cent of auctions were successful.
Adelaide recorded a preliminary auction clearance rate of 74.5 per cent, while in Perth, 54.5 per cent of reported auctions were successful.
Domain reported a clearance rate pf 76.3 per cent after 2888 properties were listed for auction in the major markets.
So far results are in for 1477 of those auctions, with 1127 properties selling (to the value of $1047.3 million), while 184 properties were withdrawn.
This is a major improvement on last week’s long weekend when just 1416 properties went to auction, resulting in a final clearance rate of 66.7 per cent.
Results were provided for 938 of those auctions, with 626 properties selling (to the value of $591.7 million), while 164 properties were withdrawn.
This time last year the clearance rate was 57.1 per cent after 995 properties were taken to auction.
Results were provided for 945 of those auctions, with 540 properties selling (to the value of $613.3 million), while 115 properties were withdrawn.
Melbourne had the lion’s share of auction volume this weekend, with 1566 properties taken to auction, resulting in a preliminary clearance rate of 72.7 per cent.
So far, results are in for just 523 of those auctions, with 380 properties selling (to the value of $300.5 million), while 71 properties were withdrawn.
Last week, 641 properties were taken to auction in the Victorian capital, resulting in a final clearance rate of 61.7 per cent.
Results were provided for 269 of those auctions with 166 properties selling (to the value of $135.1 million), while 71 properties were withdrawn.
This time last year, Melbourne’s clearance rate was 54.7 per cent after 472 properties went to auction.
Results were provided for 455 of those auctions, with 249 properties selling (to the value of $236.1 million), while 41 properties were withdrawn.
The preliminary clearance rate indicates over three quarters (77 per cent) of Sydney auctions were successful this weekend after 1036 properties were taken to auction.
So far, results have been provided for 742 of those auctions, with 571 properties selling (to the value of $626.3 million), while 95 properties were withdrawn.
Last week, Sydney’s final clearance rate settled at 69.7 per cent after 580 properties were taken to auction.
Results were provided for 501 of those auctions, with 349 properties selling (to the value of $374.6 million), while 73 properties were withdrawn.
This time last year, Sydney’s clearance rate was 61 per cent after 425 properties were taken to auction.
Results were provided for 397 of those auctions, with 242 properties selling (to the value of $336.6 million), while 69 properties were withdrawn.
Ray White results
The Ray White Group reported another day of action-packed scenes at auctions across Australia as the unprecedented mid-winter auction rally saw the group clear eight in 10 auctions booked.
“Strong auction volumes saw 464 auctions booked which resulted in some outstanding outcomes as the Ray White Group booked a preliminary auction day clearance rate of 82 per cent, with Sydney coming in at 85 per cent, Melbourne at 80 per cent, and Brisbane at 88 per cent,” they noted.
But the bidder frenzy was not limited to the capitals. Even a tiny little country church at 4 Upper Wheatvale Rd, Deuchar in Queensland that was built in 1902 attracted a whopping 45 registered bidders, according to Ray White Rural Pittsworth sales agent Matt Cleary.
That was the highest number of registered bidders in the country for the Ray White Group.
“The Deuchar Church is a well-known landmark on the Warwick-Allora Road and we had 45 registered bidders, and 10 of them were active. It sold for $385,000 in front of a crowd of 150 people!” Mr Cleary said.
New South Wales
In Sydney, Ray White New South Wales Chief Auctioneer Alex Pattaro said open for inspection attendance and auction crowds were slightly lower today due to the weather “although genuinely interested buyers and registered bidders continued to remain at a strong level resulting in strong prices”.
“Opening bids were slightly slower than usual. Buyers appeared to be more selective due to the increased number of properties on the market. Lots of buyers are keeping their cards very close to the chests,” Mr Pattaro said.
“We continue to see buyers bid above feedback indications especially once they see competition on auction day.”
A wave of sellers, particularly in Melbourne, are looking to get in before stamp duty changes with the potential to erode buyers’ budgets come into force on July 1.
Ray White Victoria and Tasmania Chief Auctioneer Matt Condon said that despite a low the normal volume of auctions this week it is clear that Victoria’s real estate market was continuing to go from strength to strength.
“Preliminary data from the bright white group has revealed an increase in the average number of registered and active bidders at each auction on the ground, it was clear that the recent lockdown has created a lot of pent up demand with buyers bidding aggressively and doing everything possible to secure their desired property.” Mr Condon said.
“All eyes are now focused on next week with a significant increase in the volume of scheduled auctions across Victoria by searching for properties under $1 million are out in force, looking to secure a property prior to June 30 to take full advantage of the stamp duty concessions.”
In the Sunshine State, the Ray White New Farm and Bulimba team today sold almost $10 million worth of property, with six from six auctions selling under the hammer and one selling prior.
Principal and Chief Auctioneer Haesley Cush said that in his 25 years of real estate he’d never seen anything like this market.
“Unlike the last growth phase of 2007, this market is not erratic or hectic. This feels like a totally appropriate recalibration. Brisbane people know it’s a smart time to be investing in the river city.”
Ray White Queensland CEO Jason Andrew said it has been an incredible day across the Queensland network with 55 auctions scheduled.
Ray White South Australia Chief Auctioneer John Morris said with a rise in popularity of mid-week auctions in the state, “you’d be forgiven for thinking our weekends were going to slow down”.
“But there are no signs that any agents or auctioneers are going to get any weekend downtime for the foreseeable future,” Mr Morris said.
“Current preliminary data for this Saturday is 100 per cent sold with 9.3 registered bidders per auction with five of them actively participating.
“Every single auction has seen action today in Adelaide and its awash with a sea of yellow as we continue to dominate with a 31.25 per cent market share this week and next week that sea becomes a tsunami when it rises to almost 40 per cent share.
“This shows that auctions are here to stay as one of the preferred sales methods in SA, and especially for our right white South Australia members.”