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Over three-quarters of auctions successful this week

The preliminary clearance rate has come in at a healthy 75.1 per cent this week after 1739 properties were taken to auction across the capitals.

This volume is slightly lower than last week and significantly less than the same period last year, with Melbourne’s auction numbers yet to return to the volume of 2019.

CoreLogic notes this week 1739 properties were taken to auction, compared to 1757 last week and 2590 last year.

This week’s preliminary clearance rate sits at 75.1 per cent with results in for 1388 of those auctions.

Last week’s preliminary clearance rate was 73.2 per cent across the combined capitals, and later revised down to 69 per cent at final figures, while in the same period last year the final clearance rate it sat at 70.1 per cent.

Sydney

In Sydney, 849 homes were taken to auction this week, compared to 851 over the previous week and 947 this time last year.

The preliminary clearance rate came in at 76.6 per cent this week, while the previous week recorded a preliminary clearance rate of 78.6 per cent, revising down to 73.3 per cent at final figures.

This time last year, 71.9 per cent of reported auctions were successful, CoreLogic explained.

Melbourne

Melbourne was host to 603 auctions this week, while the previous week saw 611 auctions held across the city.

“Of the 502 results collected so far, 73.5 per cent were successful, increasing from last week’s preliminary clearance rate of 71.8 per cent, which revised down to 68.0 per cent at final figures,” CoreLogic said.

This time last year a higher 1242 homes were taken to auction, and 74.3 per cent of reported auctions were successful.

The smaller capitals

Across the smaller cities, Adelaide recorded the highest preliminary clearance rate at 90.9 per cent, followed closely by Canberra (89.7 per cent).

Domain results

Domain’s data also indicates the national auction market is performing well, with over three quarters of all properties successfully selling, according to preliminary results this week.

That said, the volume and value remains lower than the same period last year.

This week, Domain reports 1413 properties were listed for auction, with the preliminary clearance rate coming in at 75.7 per cent.

That is based on 1029 results provided, and 779 properties successfully selling (to the value of $645 million), while 134 properties were withdrawn.

Last week the final clearance rate revised down to 70.5 per cent after 1447 properties were listed for auction. Results were reported for 1228 of those auctions, with 866 properties successfully selling (to the value of $744.8 million), while 169 properties were withdrawn.

This time last year the clearance rate was 66.8 per cent on the back of much higher volume, with 2199 properties listed for auction. Results for 2026 of those auctions were provided, with 1354 properties successfully selling (to the value of $1631.9 million), while 140 properties were withdrawn.

Sydney

Sydney’s preliminary clearance rate was again a standout this week, coming in at 77.6 per cent on the back of 760 properties listed for auction.

So far, results are in for 567 of those auctions, with 440 properties successfully selling (to the value of $398.7 million), while 77 properties were withdrawn.

Last week, the clearance rate settled at 73.4 per cent after 780 properties were listed for auction. Results were provided on 672 of those auctions, with 493 properties successfully selling (to the value of $462.1 million), while 102 properties were withdrawn.

This time last year, Sydney’s final clearance rate sat at 70.3 per cent after 776 properties were listed for auction.

Results were provided for 710 of those auctions, with 499 properties successfully selling (to the value of $772.7 million), while 70 properties were withdrawn.

Melbourne

Melbourne’s volume is yet to climb to the same heights as last year, but the figures continue to prove encouraging.

This week Domain reports the preliminary clearance rate is a healthy 71.5 per cent after 494 properties were listed for auction.

So far, results have been provided on 362 of those auctions, with 259 properties successfully selling (to the value of $183.4 million), while 48 properties were withdrawn.

Last week, Melbourne’s clearance rate revised down to 67.5 per cent on the back of 484 properties listed for auction. Results were provided on 400 of those auctions, with 270 properties successfully selling (to the value of $212.4 million), while 55 properties were withdrawn.

In the same week last year, Melbourne’s volume was significantly higher, with the clearance rate sitting at 68.4 per cent after 1175 properties were listed for auction.

Results were provided on 1078 of those auctions, with 737 properties successfully selling (to the value of $764.4 million), while 47 properties were withdrawn.

Ray White Results

Ray White reports the Australian property market continues to be fuelled by cheap credit and unprecedented buyer demand.

The group had 533 properties booked for auction this week which is down four per cent year on year, yet they note intense buyer demand helped propel the auction day clearance to 75 per cent by late Saturday.

“Across Australia, the group’s live listings are down 1.2 per cent in the last week, and yet sales are up 16 per cent, which shows sellers that now is a good time to sell as there’s less competition and high demand,” Ray White reflected.

Ray White members are also reporting a surge in expats returning home which is helping fuel demand for Australian sales and rental properties too.

In 2019, roughly one million Australians were living and working abroad.

According to the federal government there are more than 29,000 Australians currently registered with DFAT wishing to return to home. So far 398,000 Australians have returned since 13 March.

New South Wales

The preliminary auction clearance rate in Sydney was 75 per cent, with strong demand reported from the inner city suburbs to out west.

In Sydney, the group’s data showed a whopping 7.5 average registered bidders were recorded per lot – almost double the same time last year.

Ray White NSW Chief Auctioneer Alex Pattaro said the Sydney market was functioning at a high rate with an almost palpable rebound in sentiment to pre-COVID levels.

“We all know Australians love property and now that the economic fundamentals have been re-established, the buyers are back in their droves.

“Property has always been a long-term investment and something Australians aspire to,” Mt Pattaro said.

“Today was very strong on the ground in Sydney with big results across the beautiful harbour city.”

Victoria

Ray White Victoria and Tasmania Chief Auctioneer Matt Condon said the state’s real estate market continued to grow in both momentum and strength.

“This week has seen an increase in the average number of active bidders per auction, which has certainly been a factor in our high clearance rate,” Mr Condon said.

“It’s evident that there’s a much higher level of buyer demand for property than there is supply of property available.

“There’s still a window of opportunity for sellers to place their property on the market and be sold by Christmas.

“Overall, Ray White Victoria is expecting a strong auction day clearance rate this week.”

Queensland

Ray White Queensland Chief Auctioneer Mitch Peereboom said the strong property market had continued with some great results in the Sunshine State this week.

“Our clearance rate remains strong and certainly our average number of registered bidders is also in a great space, consistent with where it was over the last few weeks,” Mr Peereboom said.

“We’ve seen some outstanding sale prices as a direct result of the competition that’s being created as buyers are willing to compete for properties.

“The speed of sale means stock is moving really quickly. Buyers are missing out, which means they’re bidding with even more vigour to make sure they can secure a property before Christmas.”

South Australia

Ray White South Australia Chief Auctioneer John Morris said the group continued to enjoy excellent results.

“Ray White held 32 per cent of auctions this weekend and 37 per cent over the whole week – the highest registered bidders for the week was Friday night with 27,” Mr Morris said.

“A shout-out to Ray White Norwood’s Stefan Siciliano for selling a property 14 per cent over reserve this week, and to Ray White Unley’s Blake Scholz, who sold a property 28 per cent over reserve.”

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