The preliminary clearance rate lifted to 63.3 per cent this week as volumes also showed further signs of increasing.
Across the capitals, CoreLogic reported 1164 properties were scheduled for auction; the busiest week for auctions since the week ending 19 April.
Last week, there were 711 scheduled auctions with a preliminary clearance rate of 59.8 per cent, which later revised down to 56.2 per cent at final figures.
“While volumes remain lower than one year ago, the gap was less significant this week, with 1505 auctions held one year ago when 61.8 per cent cleared,” CoreLogic reflected.
Both Melbourne and Sydney returned preliminary clearance rates above 60 per cent this week, with Sydney the best performing of the two largest cities.
There were 474 Melbourne homes taken to auction with a 61 per cent success rate, which was more than double the volume of auctions held last week (195), when a final clearance rate of 60.1 per cent was recorded.
Sydney’s preliminary figures saw 67.3 per cent of homes successful at auction this week with 532 auctions held across the city, higher than the 398 last week when 56.8 per cent sold.
Across the smaller auction markets, the performance was mixed. Canberra was the standout performer across cities, with a preliminary auction clearance rate of 75.8 per cent, while only 20 per cent of Perth auctions reported a successful result.
Domain results
Domain also reported a higher clearance rate on the back of increased volumes, with Sydney again the standout performer.
Nationally, Domain’s results indicated a preliminary clearance rate of 63.4 per cent, with 944 properties slated for auction this week, 590 results reported, 429 sales, and just 87 withdrawals. In total that equated to a combined sold property value of $275.7 million.
That’s a significant improvement on recent weeks across the board, with total value, clearance rate and volume all trending higher.
Last week 509 properties were listed for auction, 366 results were reported, 213 properties sold at a combined value of $164 million, and 71 properties were withdrawn for a clearance rate of 48.7 per cent.
The volume and total value remain subdued compared to this time last year when 1311 properties were listed for auction, 1112 results were reported, and 726 properties sold for a value of $779 million and a clearance rate of 60.7 per cent.
Sydney
Again it was Sydney which performed best with the harbour city clocking up a clearance rate of 69.5 per cent this week.
That figure was achieved off the back of 449 properties listed, 259 auctions reported, 212 properties sold at a combined value of $136.5 million, and 46 properties withdrawn.
Last week Sydney had 315 properties slated for auction, 209 results reported, 135 properties sold for a combine valued or $117.4 million and 58 withdrawals for a clearance rate of 50.6 per cent.
Melbourne
Melbourne’s clearance rate also saw a marked improvement on the week prior, coming in at 57 per cent, compared to 47.3 per cent last week.
The higher clearance rate was achieved off the back of 410 auctions listed, 272 results reported, 176 sales at a combined value of $120.4 million, and 37 withdrawals.
Last week, Melbourne had just 143 listed auctions, 118 results were reported, 161 properties sold for a combined value of $36.4 million and 11 properties were withdrawn
Ray White results
Ray White reported the volume of serious buyers continued to be the hallmark of the current property market, with the group recording 4.3 average registered bidders across every auction lot at the weekend.
The brand cleared 68.2 per cent of all stock nationally, with its agents in Sydney recording a preliminary auction day clearance rate of 69 per cent, and 62 per cent in Melbourne.
“We are operating in a textbook sellers market which by definition means we have a shortage of stock with a lot of active buyers,” they noted.
New South Wales
Ray White New South Wales Chief Auctioneer Alex Pattaro said the property market in Sydney continued to grow in confidence with larger than average crowds rolling back in.
“On average, we saw 40 people attend auctions today, keeping to our social distancing requirements,” Mr Pattaro said.
“The number of bidders across Sydney remains ultra-competitive, and we are recording on average six registrations per lot, with three active.
“Auction volume is also up an incredible 44 per cent across New South Wales compared to this weekend last year, proving the Sydney market continues to grow in confidence and we are anticipating stronger weeks ahead.”
Victoria
Ray White Victoria also saw an increase in auction volume this week, recording the highest amount of scheduled auctions in the past 10 weeks.
“Based on preliminary data from the Ray White Group, this week has seen an increase in the average amount of registered and active bidders per auction,” Ray White Victoria | Tasmania Chief Auctioneer Matthew Condon said.
“It was also interesting to see that a number of buyers attended auctions who hadn’t organised their finance by auction day and were hoping these properties would be passed in.
“More often than not the properties were selling under the hammer so this is a timely reminder for buyers that having everything ready by auction day will give you the best possible chance of securing your desired property.
“Ray White Victoria is continuing to use technology to deliver exceptional results with this weekend seeing auctions conducted both online and onsite,” Mr Condon continued.
“Overall Ray White Victoria is expecting a strong auction day clearance rate this week.”
In Victoria, onsite auction restrictions still sit at a maximum of 20 people – not including real estate staff – meaning many offices have chosen to use both onsite and online methods to accommodate bidders.
Queensland
Ray White Queensland Chief Auctioneer Mitch Peereboom said it had been another great week of auctions for the state.
“We’re seeing strong clearance rates and a number of parties that are getting themselves into a position to bid,” Mr Peereboom said.
“Our average number of registered bidders is up on this time last week and we’re certainly seeing the strength in the marketplace continue as we return to some more normality with our auction restrictions lifting.
“On-site auctions are back, we’re able to have people in the room for in-room auctions but it’s good to have those online elements as well, making sure that we can provide the experience for everybody.
“And certainly if you are looking at coming to the market right now you need to talk to your Ray White agent, see what’s happening in your marketplace, the activity we’re seeing is so encouraging.”
South Australia
Ray White South Australia Chief Auctioneer John Morris said the network’s volume of auctions scheduled is increasing week on week.
“The auction day clearance rate is 50 per cent with 67 per cent selling throughout the campaign,” Mr Morris said.
“All metrics are up. Average registered bidders today was 4.8 and average registered bidders is 2.2 and there have been zero auctions with no bidding this weekend.”
