The preliminary clearance rate has held above 60 per cent for the second consecutive week, despite an uptick in the volume of auctions.
This week, 1839 capital city homes went under the hammer, with each of the capitals recording auction volumes inline or above the numbers recorded last week.
Auction activity rose 14.2 per cent from the previous week when 1611 auctions took place and was 4.3 per cent higher than the number of auctions held this time last year (1764).
Of the 1399 results collected so far, 62.6 per cent reported a successful result, which was the highest preliminary result in 12 weeks.
CoreLogic noted this week’s initial success rate is up 1.2 percentage points compared to last week, when a preliminary clearance rate of 61.5 per cent was reported.
This later revised down to 56 at final figures, while this time last year, 64.3 per cent of capital city auctions were successful.
Melbourne
Melbourne was host to the highest volume of auction activity, with 787 homes going under the hammer across the city.
Auction activity in the Victorian capital was up 23 per cent compared to last week, when 640 homes were auctioned, but down 10.2 per cent compared to this time last year when 876 auctions were held.
Falling for the first time in five weeks, Melbourne’s preliminary clearance rate dropped 60 basis points this week, with 64.9 per cent of the 627 results collected so far returning a positive result.
Although lower than last week, the preliminary clearance rate is higher than last year when 49.1 per cent of auctions were initially successful, due to the impact of Melbourne’s sixth lockdown.
Last week, Melbourne’s preliminary clearance rate of 65.5 per cent revised to 58.8 per cent at final figures.
Sydney
Sydney saw its busiest auction week for August so far, with 645 properties heading to auction this weekend.
This volume was 6.3 per cent higher than last week when 615 auctions took place and 27.2 per cent higher than this time last year when 514 auctions were held
With 63.4 per cent of the 519 results collected so far returning a successful result, Sydney recorded its highest preliminary clearance rate since late April.
Despite the 3.6 percentage point increase in the preliminary clearance rate, Sydney’s withdrawal rate inched higher to 21.2 per cent.
The previous week a final clearance rate of 54.7 per cent was recorded (revised down from a preliminary rate of 59.7 per cent), while this time last year 78.5 per cent of Sydney auctions were successful.
The smaller capitals
Across the smaller capital cities, weekly auction activity held steady across Adelaide (125) and Perth (15) and rose across Brisbane (151) and Canberra (103) up 16.2 per cent and 21.2 per cent respectively.
Adelaide had the most successful week amongst the smaller capitals, recording a preliminary clearance rate of 68.1 per cent, followed by Canberra (66.7 per cent), and Brisbane (44.2 per cent).
In Perth, three of the 14 results collected so far were successful, while two of the three results collected across Tasmanian have returned a successful result.
Domain results
Domain has reported a preliminary clearance rate of 59.5 per cent after tracking 1468 auctions across the major capitals.
So far, results are in for 1005 of those auctions, with 598 properties selling (to the value of $480.1 million), while 175 properties were withdrawn.
Last week, the final clearance rate was 56.6 per cent after 1335 auctions took place.
Results were provided for 1172 of those auctions, with 663 properties selling (to the value of $528.9 million), while 155 properties were withdrawn.
This time last year, the clearance rate was 62.3 per cent after 1648 auctions took place.
Results were provided for 1343 of those auctions, with 837 properties selling (to the value of $1165.1 million), while 426 properties were withdrawn.
Sydney
Sydney’s preliminary clearance rate is sitting at 60.2 per cent after 586 auctions took place this weekend.
So far, results are in for 367 of those auctions, with 221 properties selling (to the value of $212 million), while 96 properties were withdrawn.
Last week, Sydney’s final clearance rate was 55.8 per cent after 553 auctions occurred.
Results were provided for 468 of those auctions, with 261 properties selling (to the value of $258.6 million), while 96 properties were withdrawn.
This time last year, Sydney’s clearance rate was a much higher 82.3 per cent after 389 auctions took place across the city.
Results were provided for 367 of those auctions, with 302 properties selling (to the value of $555.7 million), while 45 properties were withdrawn.
Melbourne
The preliminary clearance rate for auctions occurring in Melbourne this weekend is 58.8 per cent after 652 properties went under the hammer.
So far, results are in for 497 of those auctions, with 292 properties selling (to the value of $211.6 million), while 62 properties were withdrawn.
Last week, Melbourne’s final clearance rate was 58.6 per cent after 558 auctions took place.
Results were provided for 498 of those auctions, with 292 properties selling (to the value of $202.7 million), while 43 properties were withdrawn.
This time last year, Melbourne’s clearance rate was a lower 47.8 per cent after 1008 auctions were scheduled.
Results were provided for 758 of those auctions, with 362 properties selling (to the value of $436.2 million), while 368 properties were withdrawn.
Ray White results
The Ray White Group has reported its best clearance rate in more than seven weeks after clocking up a 56 per cent initial success rate for the 604 auctions its members hosted nationally this week.
Melbourne proved strong with a standout 68 per cent clearance but Adelaide once again topped the country with a 76 per cent city-wide clearance.
In terms of volume, the Sunshine State led the charge with 186 properties going under the hammer under the Ray White banner.
The group noted this week their sellers received 10.4 per cent more under the hammer than any offer prior, highlighting the power of competition that auctions create.
The Ray White Group has now trademarked the phrase ‘competition creators’ in Australia, New Zealand and also Indonesia.
The registered term was coined by the group’s chairman Brian White AO and is now interwoven into the everyday language at Ray White when referring to auctioneering and the process.
“The term came to me one night when I was grappling with just who we are? And what’s the best term to describe the value we can bring to the community? We are the vendor’s agent and our job is to get the very best price for our vendors,” Mr White said.
“And that’s different to an agent who goes out and gets the very cheapest price.
“The greatest way to achieve a better price is when someone who wants a property realises there’s someone else who wishes to have it and is prepared to pay a higher price than they had hoped that they could. We create that competition at auction.
“Nothing gives buyers more confidence in the value of the property than seeing other people bidding for it and bidding higher prices.
“It’s amazing how many people actually bid more at an auction than they had initially thought to be the best price. Ray White conducts more auctions than anyone else in Australia by a huge margin.”
Sydney
Ray White New South Wales Chief Auctioneer Alex Pattaro said there was much more positive energy within the market.
“I suggest buyers better get in quick as we start to move into the spring selling season as there remains plenty of positivity for both sellers and buyers,” he said.
“We are starting to see more activity at auctions and open for inspections.
“Auctions must continue to be the preferred method of sale as it allows the opportunity to create a platform to showcase a competitive environment, ensuring sellers can obtain an exceptional result.”
Melbourne
Ray White Victoria Chief Auctioneer Matt Condon said this week had seen an increase in auction volume for Ray White Victoria with more than 170 auctions scheduled across the state.
“Despite the patchy weather, crowds and bidders were out in force creating a great atmosphere at all street auctions,” Mr Condon said.
“On the ground, there was a noticeable change in pace today, with auctions experiencing greater levels of competitive bidding than normal.
“It was also great to see buyers bidding fiercely to secure their desired property long after properties were announced on the market and selling.
“When a seller’s expectations around price meet the market during an auction campaign, these properties are consistently receiving more inspections, bidders and ultimately a better result on auction day.
“There continues to be a high level of demand for quality properties across Victoria.”
Adelaide
Ray White South Australia Chief Auctioneer John Morris said the sun was shining in Adelaide on Saturday and fortune was shining on those sellers who decided to go to auction.
“Last week we had a 71 per cent clearance on auction day within Adelaide and South Australia while CoreLogic were reporting a slightly lower clearance rate at 65 per cent.
“So it’s still a great time to be selling in Adelaide via the auction method, which absolutely does create competition.”
Brisbane
Ray White Queensland Chief Auctioneer Gavin Croft said he personally recorded an average of four registered bidders per auction on Saturday.
“There’s particular depth in the market for four bedroom family homes that are likely double storey or high set in a particular location. There’s some really nice depth in that particular market.”
