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Preliminary results show over 80 per cent of auctions successful

The preliminary clearance rate has again exceeded 80 per cent this week on the back of higher volumes.

CoreLogic reported 2876 homes were taken to auction across the combined capital cities in the past week, and of the 2425 results collected so far, 80.4 per cent of all auctions have so far been successful.

In comparison, the previous week saw 2087 homes taken to auction and a preliminary auction clearance rate of 78.5 per cent was recorded.

This figure later revised down to a final clearance rate of 77.2 per cent by Wednesday.

One year ago, 612 auctions were held across the combined capitals, with just 47.5 per cent of the 531 reported auctions returning a successful result as ongoing COVID-19 restrictions continued to impact auction activity.

Melbourne

Melbourne saw activity significantly increase over the week, with 1277 homes taken to auction across the city, up from 957 over the previous week and 217 this time last year.

Of the 1128 results collected so far, 77.1 per cent were successful.

This was an increase on the previous week when a preliminary auction clearance rate of 76.1 per cent was recorded, revising down to 75.5 per cent at final figures.

Sydney

Sydney also saw an increase in auction activity, with 1121 homes taken to auction, up from 794 over the previous week and 283 this time last year.

CoreLogic’s preliminary results showed that of the 946 auctions reported so far, 83.5 per cent were successful.

Last week’s preliminary clearance rate was a lower 82.1 per cent, which revised down to 79.3 per cent at final figures.

Last week’s results marked the first time Sydney’s final clearance rate had fallen below 80 per cent since late January 2021.

The smaller capitals

Across the smaller capital cities, Perth recorded a preliminary auction clearance rate of 92.3 per cent, although volumes were low.

In Canberra, 106 of 120 auctions have been collected so far, returning a preliminary clearance rate of 90.6 per cent.

Adelaide saw 201 homes taken to auction this week, with 86.1 per cent of reported auctions returning a successful result.

Meanwhile, Brisbane was host to 133 auctions this week, and of the 94 results collected so far, 64.9 per cent were successful.

Domain results

Domain has reported a preliminary clearance rate just below 80 per cent.

Their initial figures indicate 79.4 per cent of properties sold after 2287 auctions occurred.

So far, results are in for 1697 of those auctions with 1347 properties selling (to the value of $1240.9 million), while 141 properties were withdrawn.

Last week volume was lower, with 1723 properties listed for auction, resulting in a final clearance rate of 75.3 per cent.

Results were provided for 1613 of those auctions, with 1214 properties selling (to the value of $1065.5 million), while 173 properties were withdrawn.

This time last year, it was a very different market due to the ongoing COVID lockdowns.

In the same week in 2020, only 411 properties were scheduled for auction and the clearance rate was 39.3 per cent.

Results were provided for 387 of those auctions, with 152 properties selling (to the value of $171.5 million), while 142 properties were withdrawn. 

Melbourne

In Melbourne, volume was significantly higher than last week, and the clearance rate increased as well.

This week, 1084 properties were listed for auction in the Victorian capital, and 77.5 per cent have so far been successful.

Results are currently available for 819 of those auctions, with 635 properties selling (to the value of $513.4 million), while 48 properties were withdrawn.

Last week, the final clearance rate came in at 73.3 per cent after 839 properties went to auction.

Results were provided for 784 of those auctions, with 575 properties selling (to the value of $452.4 million), while 79 properties were withdrawn.

This time last year, only 149 properties were listed for auction in Melbourne and the clearance rate was 32 per cent.

Results were provided for 147 of those auctions, with 47 properties selling (to the value of $39 million), while 67 properties were withdrawn.

Sydney

Sydney’s preliminary clearance rate has again topped 80 per cent.

This week initial results indicate a success rate of 80.5 per cent after 934 properties were listed for auction.

So far, results have been provided for 693 of those auctions, with 558 properties selling (to the value of $618.6 million), while 83 properties were withdrawn.

Last week, the volume was lower, with 672 properties going to auction, resulting in a final clearance rate of 76 per cent.

Results were provided for 633 of those auctions, with 481 properties selling (to the value of $520.4 million), while 74 properties were withdrawn.

This time last year, only 214 properties were listed for auction in Sydney and the final clearance rate was 47 per cent.

Results were provided for 198 of those auctions, with 93 properties selling (to the value of $120.7 million), while 65 properties were withdrawn.

Ray White results

The Ray White Group has reported a fierce weekend of bidding at auctions across Australia.

“Unlike other years, sellers and buyers are seemingly not deterred by the cooler months and are capitalising on one of the best auction markets ever to be seen,” they said.

The Ray White Group booked 620 auctions for the week, with 283 going under the hammer on Saturday alone.

The preliminary national clearance rate of 82 per cent maintained the ongoing streak of above 80 per cent for more than 12 weeks.

“Agents and auctioneers around the country continue to spruik one clear message to sellers; take your properties right through to auction day. Reserves set by sellers are continually smashed, due to the fierce bidding process from an increased number of buyers,” they noted.

The standout market of the day was Adelaide at 87 per cent clearance, closely followed by Sydney at 86 per cent, and Melbourne at 85 per cent.

New South Wales

Ray White New South Wales Chief Auctioneer Alex Pattaro said May kicked off with a bang, with mass crowds and aggressive buyers.

“The apartment market in the inner city and inner west is continuing to gain momentum, as buyers are looking at different segments with house prices well exceeding their budgets,” Mr Pattaro said.

Victoria

Ray White Victoria | Tasmania Chief Auctioneer Matt Condon said Victoria was continuing to see strong auction results, especially with the great weather on Saturday.

“Based on preliminary data from the Ray White Group, today has seen an increase in the average amount of active and registered bidders per auction,” Mr Condon said.

“On the ground it was noticeable that buyers were holding back, waiting for properties to be announced on the market. After the bidding started, competition and momentum well and truly continued.

“May is shaping up to be one of the best months we have ever seen, and the Victorian market is going from strength to strength.”

Queensland

A drizzly day in the Sunshine State did not keep the bidders away.

Ray White Queensland Chief Auctioneer Mitch Peereboom said it was another outstanding week of auctions, with both in-room and onsite events performing well.

“The average number of registered bidders has remained consistent week to week, and we are getting huge sale prices as a result of competition created on auction day,” Mr Peereboom said.

“We are advising sellers not to take the first offer that comes along and not to do the off-market deal. If a buyer is willing to pay a number today, there are very likely other buyers who are prepared to pay more.”

South Australia

In South Australia, Ray White SA/NT Chief Auctioneer John Morris said the sun was out in Adelaide, and sellers were having an early spring.

“Throughout South Australia, there were 187 auctions scheduled with over a third of them being Ray White auctions, which is fantastic for the yellow brand,” Mr Morris said.

“I have had an average of 10 registered bidders today, and nothing seems to be slowing down. My hammer keeps dropping from auction to auction,”

“We have a fantastic May in store, and I believe we are in for a bumper winter,” Mr Morris said.

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