After rising over recent weeks, auction volumes dipped almost 10 per cent this week, with 1814 homes going under the hammer across the combined capitals.
So far, 62.3 per cent of the 1477 results provided proved successful, which is 3.3 percentage points higher than last week when the preliminary clearance rate sat at 59.1 per cent.
Last week’s initial success rate later revised to 55.8 per cent, while this time last year 67.7 per cent of auctions were successful.
This time last year, the auction market was much quieter despite the start of spring selling season. In the same week in 2021 lockdowns saw only 1423 homes taken to auction
Melbourne
In Melbourne, 763 homes were taken to auction this week.
This volume was 8.3 per cent lower than the previous week (832), and 77.4 per cent higher than this time last year when 430 auctions were held across the city.
So far, 671 results have been collected, returning a preliminary clearance rate of 64.7 per cent.
This week’s initial success rate is 3.4 percentage points higher than last week (61.3 per cent), which revised down to 59.7 per cent at final figures.
This time last year, 43.8 per cent of Melbourne auctions were successful.
Sydney
There were 695 auctions in Sydney this week, down 10.8 per cent from the previous week (779), although 14.5 per cent higher than this time last year when 607 auctions were held across the city.
Of the 562 results collected so far, 60 per cent were successful.
This is 3.1 percentage points higher than last week’s preliminary clearance rate of 56.9 per cent, which revised down to 51.7 per cent at final figures.
This time last year, 81.2 per cent of homes taken to auction across Sydney were successful.
CoreLogic noted withdrawal rates remain high across the city, with 23.1 per cent of the 562 results collected reported as withdrawn.
In comparison, of the 671 results collected in Melbourne so far, 8.2 per cent were reported as withdrawn.
The smaller capitals
Across the smaller capital cities, Brisbane was the busiest auction market this week with 132 homes taken to auction across the city. This was down 8.3 per cent compared to Brisbane’s volume last week.
Meanwhile, Adelaide saw 124 homes taken to auction this week, down 11.4 per cent in comparison to last week.
Canberra was the only capital city to see auction volumes increase over the week with 93 homes taken to auction, up 6.9 per cent from the 87 auctions held last week.
There were just six auctions in Perth this week, down from 21 over the previous week, and just one in Tasmania, compared to three last week.
Adelaide recorded the strongest preliminary clearance rate (70.3 per cent), followed by Canberra (66.7 per cent) and Brisbane (53.3 per cent).
Domain results
Domain has reported a preliminary clearance rate of 62.6 per cent after tracking 1566 auctions across the major capitals.
Results are in for 1065 of those auctions, with 667 properties selling (to the value of $569.9 million), while 171 properties were withdrawn.
Last week, Domain rereported a final clearance rate of 54.3 per cent after 1677 properties went to auction.
Results were provided for 1458 of those auctions, with 792 properties selling (to the value of $615.6 million), while 191 properties were withdrawn.
This time last year, the clearance rate was 74.5 per cent after 1135 properties went to auction.
Results were provided for 911 of those auctions, with 679 properties selling (to the value of $959.3 million), while 135 properties were withdrawn.
Sydney
Sydney’s preliminary clearance rate is sitting at 60 per cent after 653 properties went to auction this week.
So far, results are in for 400 of those auctions, with 240 properties selling (to the value of $223 million), while 109 properties were withdrawn.
Last week, Sydney’s clearance rate was 51.3 per cent after 694 properties went to auction.
Results were provided for 585 of those auctions, with 300 properties selling (to the value of $269.3 million), while 120 properties were withdrawn.
This time last year, Sydney’s clearance rate was 82.5 per cent after 460 properties went to auction.
Results were provided for 445 of those auctions, with 367 properties selling (to the value of $670.2 million), while 34 properties were withdrawn.
Melbourne
Melbourne’s preliminary clearance rate is sitting at 63.5 per cent after 683 properties went to auction this week.
So far, results are in for 532 of those auctions, with 338 properties selling (to the value of $277.8 million) while 53 properties were withdrawn.
Last week, Melbourne’s clearance rate was 57.6 per cent after 732 properties went to auction.
Results were provided for 651 of those auctions, with 375 properties selling (to the value of $260.7 million), while 58 properties were withdrawn.
This time last year, Melbourne’s clearance rate was 63.7 per cent after 412 properties went to auction.
Results were provided for 223 of those auctions, with 142 properties selling (to the value of $140 million), while 68 properties were withdrawn.
Ray White results
Spring selling season has “kicked off with a bang”, according to the Ray White Group, who noted competition was heating up at auctions across the country.
On Saturday, the group hosted 300 auctions, returning a preliminary clearance rate of 60.6 per cent.
With listing volumes lower than previous years, the group noted buyers were out in force, with 3.6 registered bidders per auction across the nation.
The standout city for bidder numbers was Adelaide with an auction at 12 Wishford Road, Elizabeth recording 22 registered bidders.
Sydney
Ray White New South Wales chief auctioneer Alex Pattaro said there was plenty of bidder activity across Sydney auctions on Saturday.
“It’s been a positive start to spring, there’s still plenty of activity amongst buyers,” Mr Pattaro said.
“A grade homes continue to obtain the highest amount of bidding, however, when competition presents itself on auction day, buyers are likely to participate no matter the type of home.
“Competition remains important for on-the-market sellers and should be the preferred method of sale to ensure sellers’ time on market remains low.”
Melbourne
Ray White Victoria and Tasmania chief auctioneer Matt Condon said auction volume remained consistent this week with 165 auctions scheduled for Ray White Victoria across the state.
“When looking at listing volume across Victoria, although the spring selling season has started it is evident that there is currently a shortage of properties available on the market.
“With this lower level of supply we have definitely noticed more competition at auction between buyers.
“Based on preliminary data from the Ray White Group, we have seen yet another increase in the average number of confirmed and active bidders at this week’s auctions.
“It was also great to see buyers bidding fiercely today, with a number of properties selling well in excess of the reserve price.
“Despite all the noise surrounding the real estate landscape, it is important to note that if a buyer sees value in a property, they will bid and buy.”
Brisbane
Ray White Queensland chief auctioneer Gavin Croft said buyers and sellers were gaining confidence in the market again.
“The most impressive thing is the volume of auctions that have bidding.
“Over the last 60 days more than 80 per cent of our auctions have had active bidding, and that should give sellers enormous confidence to go to auction,” Mr Croft said.
“We’re seeing the volume of auction sales are up, while proportionately the number of private treaty sales have come back.
“Sellers should know that auctions are the best method of sale.
“Private treaty days on market are continuing to expand out but we’re seeing auctions continue to hold.”
Adelaide
As the real estate industry heads into spring selling season, Ray White South Australia and Northern Territory chief auctioneer John Morris said he wanted to reflect on the incredible winter had by the South Australian market.
“We had an average of 78 per cent clearance rate in South Australia throughout winter, and an average of six registered bidders per auction, with 50 per cent of those participating,” Mr Morris said.
“It’s looking like spring will stay the same with strong numbers continuing.
“There was a price drop throughout August, for the first time since February 2020, of 0.12 per cent, but that has done little to dampen the spirit of the buyers.
“From what I’m seeing out in the field, there’s still plenty of buyers out there with lots of confidence in the real estate market.”
