This week proved the busiest auction week on record with 4261 properties going under the hammer across the combined capitals.
It was the first time auction volumes have ever exceeded 4000, with the previous March 2018 record of 3990 auctions well and truly smashed.
CoreLogic noted Canberra and Adelaide all recorded their busiest auction weeks since CoreLogic records commenced in 2008, while Melbourne saw its busiest week since late March.
Sydney failed to deliver its record-breaking predictions, clocking its second highest auction volume ever with 5 per cent of auctions postponed.
The rise in volume across the capitals continued to negatively impact the clearance rate, however. This week it slipped to 71.4 per cent according to the 3471 results collected so far.
CoreLogic noted this softening in demand has been a trend evident since early October.
Last week, 3720 capital city homes went under the hammer, while this time last year 2168 auctions occurred.
In terms of the clearance rate, last week saw a preliminary clearance rate of 74.5 per cent, which later revised to 70.3 per cent, while this time last year 70.6 per cent of auctions were successful.
Melbourne
Melbourne recorded its busiest auction week since late March and its lowest preliminary clearance rate since the middle of September.
This week 1891 auctions were held, up 14.1 per cent from the week prior when 1657 homes were taken to auction.
With 1613 results collected so far, Melbourne recorded a preliminary clearance rate of 68.5 per cent.
Last week a preliminary clearance rate of 72.7 per cent was recorded, which revised down to 68.6 per cent at final figures.
This time last year 69.3 per cent of the 909 auctions held were successful. Despite the increase in volumes, Melbourne’s withdrawal rate has remained steady at 9.8 per cent.
Sydney
Originally predicted to break its all-time record, Sydney disappointed this week, with 5 per cent of scheduled actions postponed, with CoreLogic explaining that was likely due to the weather.
With 1577 homes taken to auction across the city, this week was Sydney’s second busiest on record and the busiest since late November 2014 when 1631 homes went under the hammer.
Last week 1352 homes went to auction while this time last year 886 auctions were held. With 1281 results collected so far, Sydney reported a preliminary clearance rate of 71.4 per cent.
This marked the lowest reading for the harbour city over the year-to-date.
Last week a preliminary clearance rate of 73.4 per cent was recorded, which was revised down to 68.7 per cent at final figures, while 72.5 per cent of auctions held this time last year were successful.
The smaller capitals
Across the smaller capitals, Canberra’s preliminary clearance rate rose (from 85.7 per cent last week to 88.2 per cent) this week despite reporting its highest ever volumes (184).
Adelaide also recorded its busiest ever week (299) but saw its preliminary clearance rate fall (from 79.6 per cent last week to 78.7 per cent).
Brisbane was home to 256 auctions and reported a preliminary clearance rate of 74.5 per cent, while 60 per cent of auctions held in Perth were successful.
Two auctions were held in Tasmania this week, one unsuccessful result has been collected.
Domain results
Domain has reported a national preliminary clearance rate of 69.4 per cent after tracking 3165 auctions across the major capitals.
So far, results are in for 2228 auctions, with 1547 properties selling (to the value of $1487.3 million), while 357 properties were withdrawn.
Last week, the clearance rate settled at 70 per cent after 2768 properties were taken to auction.
Results were provided for 2336 of those auctions with 1635 properties selling (to the value of $1403 million) while 326 properties were withdrawn.
This time last year, the clearance rate was 69.7 per cent after 1721 properties were taken to auction.
Results were provided for 1635 of those auctions, with 1140 properties selling (to the value of $1454.5 million), while 224 properties were withdrawn.
Sydney
Sydney’s preliminary clearance rate is sitting at 73.2 per cent after 1234 properties were taken to auction.
So far, results are in for 835 of those auctions, with 611 properties selling (to the value of $713.6 million), while 157 properties were withdrawn.
Last week, Sydney’s preliminary clearance rate was 66.7 per cent after 1075 properties were taken to auction.
Results were provided for 952 of those auctions, with 635 properties selling (to the value of $651.7 million), while 154 properties were withdrawn.
This time last year, Sydney’s clearance rate was 73.3 per cent after 779 properties were taken to auction.
Results were provided for 734 of those auctions, with 538 properties selling (to the value of $831.8 million), while 80 properties were withdrawn.
Melbourne
Melbourne’s preliminary clearance rate was 65.6 per cent this week after 1518 properties were taken to auction.
So far, results are in for 1118 of those auctions, with 733 properties selling (to the value of $614 million), while 167 properties were withdrawn.
Last week, Melbourne’s final clearance rate was 69.1 per cent after 1280 properties were taken to auction.
Results were provided for 1042 of those auctions, with 720 properties selling (to the value of $566.2 million), while 143 properties were withdrawn.
This time last year, Melbourne’s clearance rate was 67 per cent after 719 properties were taken to auction.
Results were provided for 693 of those auctions, with 464 properties selling (to the value of $499.5 million), while 125 properties were withdrawn.
Ray White results
Like elsewhere, the volume of auctions scheduled through the Ray White Group showed no signs of decreasing this weekend, despite December being only days away.
On Saturday, the group had 506 auctions scheduled to go under the hammer, cutting it close for many buyers and sellers wanting to transact before Christmas day.
But just like many sellers, buyers weren’t fazed about the race towards the end of the year with Ray White recording an average of 4.7 registered bidders per auction nationally and three actively participating. Meanwhile, the national clearance rate came in at 75 per cent.
Brisbane produced the top sale of the day with Ray White New Farm agent Tom Lyne selling 3 Nindethana St, Indooroopilly for $4.6 million to an interstate phone bidder after four of the six registered bidders participated.
Nationally 7.2 per cent of the group’s auctions sold this week to interstate buyers, with Queensland leading the way where 25 per cent of all auctions sold being to interstate buyers.
A Brisbane auction also topped the bidder leaderboard. Ray White Annerley agent Sam Menary sold 29 Orestes Rd, Yeronga for $1.41 million to a crowd of 22 registered bidders.
New South Wales
Ray White NSW chief auctioneer Alex Pattaro said the last week of the spring selling season ended on a high, seeing record auction volume and strong property prices.
“Despite a few cracks appearing in the market, buyers are very keen to close the deal before the end of the year,” Mr Pattaro said.
“Sellers need to remember that these are still incredible selling conditions. There are still many buyers prepared to pay phenomenal prices if sellers are willing to listen to the market.”
Victoria
This week Melbourne and Victoria saw one of the busiest auction weeks on record.
The Ray White Group scheduled well in excess of 250 auctions this week as buyers and sellers took advantage of strong market conditions and made up for lost time from Melbourne’s extended lockdowns.
Ray White Victoria and Tasmania CEO Stephen Dullens said it’s clear the market has now returned to a “COVID-19 normal”.
“It has been incredible to see the number of new listings coming to market across October and November, and just how much activity has returned to the market in such a short amount of time,” Mr Dullens said.
“Across Victoria, Ray White had its strongest month on record during October – and early signs are that this record will once again be broken in November.”
With many customers returning to the market, families were keen to transact prior to Christmas and get on with what will hopefully be a more “normal” year in 2022.
“Families are once again able to plan and make those big property decisions as the market again functions normally, and we’re expecting a strong level of activity right up to Christmas and starting again early in the new year,” he said.
Queensland
Ray White Queensland chief auctioneer Gavin Croft said there was still heat in the market in the run-up to Christmas.
“I think the question around the continuation of the market is, ‘is it strong?’ I would say absolutely but there are certain elements that we are starting to detect,” Mr Croft said.
“While today, the numbers are slightly down off the lofty heights of nine registered bidders, those bidders that are coming in are competing particularly hard.
“It’s the strength of the market which has remained. We are seeing good stock volumes coming right through until December 23.
“So again, a lot of decisions are being made by people in Brisbane and right across south-east Queensland, to get their selling decisions made before Christmas so they know exactly where they sit coming into 2022.”
South Australia
Ray White SA chief auctioneer John Morris said there are Super Saturdays when it comes to auctions, and then there is the Super Saturday – with Saturday seeing the most auctions called on record.
“There are 358 auctions scheduled to go ahead this week in our great state and 25 per cent of those are flying the yellow flag as we head to Saturday,” Mr Morris said.
“There have been several auctions throughout the week already and we’ve had an incredible clearance rate of almost 90 per cent and the average registered bidders are eight. I’m sure that that will either stay the same or increase over today and tomorrow.
“Everything is smashing records. I know I’ve said it before, I sound like a broken record saying we’re breaking records, but we are and it just doesn’t look like it’s going to stop this side of Christmas.”
