NationalReal Estate Industry News

Post Easter auction volumes climbing again

Auction volumes rose across the combined capital cities this week with 2170 homes taken to auction, increasing on the 845 auctions held over the Easter week.

The higher volumes saw an improvement in the preliminary auction clearance rate with 79.9 per cent of homes selling, up on the 79.4 per cent preliminary figure last week, which revised down to 77.1 per cent at final collection on Wednesday.

Over the same week last year, it was not only Easter which dampened auction activity, but also the imposition of social distancing measures which included the banning of on-site auctions.

Under these conditions, a lower 634 auctions were scheduled and only 30.6 per cent cleared with 56 per cent withdrawn.

Melbourne

In Melbourne, 1035 auctions were held across the city this week returning a preliminary auction clearance rate of 77.2 per cent.

The week prior saw a lower 211 auctions held and a final auction clearance rate of 73.5 per cent and one year ago 88 auctions were held and 20 per cent sold.

Sydney

Sydney recorded a preliminary auction clearance rate of 82.8 per cent this week as volumes rose.

There were 814 auctions held across the city, up on the Easter week’s 404 auctions held when an 82 per cent success rate was achieved according to final figures.

One year ago, 413 auctions were held and a 32.1 per cent clearance rate was recorded.

The smaller markets

Adelaide, Brisbane and Canberra all recorded preliminary auction clearance rates above 80 per cent this week, Canberra was the better performer with a 90.1 per cent preliminary result. In Perth and Tasmania, 50 per cent or less auctions were successful over the week.

Domain results

Domain reported a preliminary clearance rate of 79.3 per cent in the major markets after 1909 properties were taken to auction at the weekend.

This was higher than last week in terms of both success rate and volume.

Domain notes so far, results are in for 1390 of the auctions that took place this week, with 1102 properties successfully selling (to the value of $967.4 million) while 109 properties were withdrawn.

Last week – which was the Easter long weekend – only 113 properties were taken to auction, according to Domain’s figures, and the final clearance rate was 74 per cent.

Results were provided for 100 of those auctions, with 74 properties successfully selling (to the value of $66.2 million), while 17 properties were withdrawn.

This time last year the auction results were heavily impacted by COVID-19. In the same week last year, just 129 properties were taken to auction and the clearance rate was 26.9 per cent.

Results were provided for 119 of those auctions, with only 32 properties selling (to the value of $19.1 million), while 67 properties were withdrawn.

Sydney

Sydney again proved the standout performer with the preliminary clearance rate sitting at 83.2 per cent after 785 properties were taken to auction.

So far results have been provided for 588 of those auctions, with 489 successfully selling (to the value of $512.1 million), while 52 properties were withdrawn.

Last week, Sydney’s clearance rate dropped to 78.6 per cent after only 64 properties were taken to auction over the Easter long weekend.

Results were provided for 56 of those auctions, with 44 properties successfully selling (to the value of $54.9 million), while six properties were withdrawn.

This time last year, only 84 Sydney properties went to auction and the clearance rate was 29.9 per cent.

Results were provided for 77 of those auctions, with 23 properties successfully selling (to the value of $15.2 million), while 44 properties were withdrawn.

Melbourne

Melbourne’s preliminary clearance rate came in at 73.7 per cent this week after 905 properties were taken to auction.

So far results are in for 650 of those auctions, with 479 properties successfully selling (to the value of $371.4 million), while 48 properties were withdrawn.

Last week only 31 properties were taken to auction, and the clearance rate came in at 64.3 per cent.

Results were provided for 28 of those auctions, with 18 properties successfully selling (to the value of $8.1 million), while eight properties were withdrawn.

This time last year, only 37 properties went to auction in Melbourne and the clearance rate was 20 per cent.

Results were provided for 35 of those auctions, with just seven properties successfully selling (to the value of $2.6 million), while 21 properties were withdrawn.

Ray White results

The Ray White Group reported the post-Easter market continued to see buyers out in force at auctions, with some fierce bidding reported across the nation as determined purchasers came prepared to secure their dream homes at the weekend.

The group had booked 567 auctions to go under the hammer this week, with 352 on Saturday alone. Their preliminary national clearance rate of 82 per cent, maintained the streak of above 80 per cent for the last 10 weeks.

The highest performing markets were in Brisbane and Adelaide where Ray White members cleared 100 per cent of auctions by late Saturday.

“In a trend that seems to keep skyrocketing week after week, many sellers pocketed a significant amount above their set reserve prices,” the group noted.

“The resounding sentiment from auctioneers, agents and sellers was one of determination that they decided to take their properties all the way through to auction day, instead of selling prior.”

New South Wales

Ray White New South Wales Chief Auctioneer Alex Pattaro said there was a larger than normal number of registered bidders today with eight per lot recorded in Sydney.

“Buyers are anticipating that prices are going well above the price guides due to the fierce competition so they know that they will have to push a bit higher to secure their home,” Mr Pattaro said.

“Buyers are prepared to go slightly above their absolute maximum finance approved limits.

“Family homes are still the most desired asset class, with most buyers chasing them in all desirable locations.

“Open home attendances continue to remain strong too.”

Mr Pattaro said there was an influx of investment stock coming onto the Sydney market.

“It’s a great time to buy an apartment as this section of the market hasn’t exploded to the same extent as houses. Investors are definitely coming back to the apartment market.”

Victoria

Ray White Victoria | Tasmania Chief Auctioneer Matt Condon said auction volumes had returned to high levels post the Easter long weekend, with one of the biggest weeks so far for 2021.

“It was great to see that once again, the high volume of auctions was met with an even higher level of buyer demand,” Mr Condon said.

“The weather did not hold back crowd sizes with crowds and bidders out in force, bidding aggressively to secure their desired property,” he said.

“We are seeing a huge demand for quality property, with those sellers who choose to come to market being rewarded with exceptional prices.”

Queensland

Ray White Queensland Chief Auctioneer Mitch Peereboom said it had been an electric Saturday closing off an outstanding week of auctions.

“The ravenous buyers in the marketplace want to get their hands on a property as quickly as they can,” Mr Peereboom said.

“All these record prices are a direct result of competition being created at the auction itself, and the sellers that stuck it out were rewarded. The highest offers prior to auction are being blown out of the water every week,” he said.

“All markets are performing really well and we urge all those considering selling to take advantage to these conditions.”

South Australia

In South Australia, Chief Auctioneer John Morris said auctions are increasing with every agent and agency around the state.

“Bidding has occurred at every single auction this week. Our bidder registrations on average are a staggering 10.5 per auction,” Mr Morris said.

“The big weekends for April are still yet to happen, with many having to be pushed into May due to our auctioneers being booked at maximum capacity,” he said.

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