NationalNEWS

The busiest February auction week on record

This week proved the busiest February auction week on record, with 3384 properties taken to auction across the combined capitals.

CoreLogic noted volume was well above the week prior when 2898 properties were taken to auction, and was also significantly higher than last year when 2473 properties went under the hammer.

Despite the increase in volume, the preliminary has remained on par with previous weeks. This week it is sitting at 74.3 per cent based on the 2755 results already collected, compared to 74.6 per cent last week, which revised down to 72.8 per cent at final figures.

 This time last year, 79.3 per cent of reported auctions were successful.

Melbourne

Melbourne saw an increase in auction volumes, hosting 1561 auctions this week, compared to 1323 over the previous week and 1299 this time last year.

Of the 1291 results collected so far, 71 per cent have been successful.

This is lower than last week’s preliminary clearance rate of 74.2 per cent, which revised down to 73.4 per cent at final figures.

Over the same week last year, 76.4 per cent of reported auctions were successful.

Sydney

In Sydney, 1209 homes were taken to auction across the city, up from 1021 over the previous week and 844 this time last year.

The clearance rate increased week-on-week despite the higher volumes, with 76.9 per cent of the 1016 results collected so far reporting a successful result.

The previous week saw a preliminary clearance rate of 75.6 per cent, revising down to 71.8 per cent at final figures, while this time last year, 85.3 per cent of reported auctions were successful.

The smaller capitals

Across the smaller capitals, Adelaide recorded the highest preliminary auction clearance rate (85.4 per cent), followed by Canberra (75.7 per cent) and Brisbane (72.7 per cent).

In Perth, six of the nine results collected so far have been successful.

In terms of auction volumes, Adelaide was the busiest auction market this week with 208 homes taken to auction across the city, followed by Brisbane (223), Canberra (163) and Perth (20). There were no auctions in Tasmania this week.

Source:CoreLogic

Domain results

Domain has reported a preliminary clearance rate of 71.4 per cent after tracking 2627 across the major capitals.

So far, results are in for 1898 of those auctions, wit 1356 properties selling (to the value of $1284.7 million) while 234 properties were withdrawn.

Last week, the clearance rate settled at 72.1 per cent after 2347 properties went to auction.

Results were provided for 2096 of those auctions, with 1512 properties selling (to the value of $1367.2 million), while 182 properties were withdrawn.

This time last year, the clearance rate was 78.1 per cent after 2121 properties were taken to auction,

Results were provided for 1985 of those cautions, with 1550 properties selling (to the value of $2144 million), while 135 properties were withdrawn.

Sydney

Sydney’s preliminary clearance rate is currently sitting at 76.3 per cent after 965 properties were taken to auction.

So far, results are in for 695 of those auctions, with 530 properties selling (to the value of $570.6 million), while 109 properties were withdrawn.

Last week, Sydney’s clearance rate was 74.1 per cent after 880 properties were taken to auction.

Results were provided for 757 of those auctions, with 561 properties selling (to the value of $623.8 million) while 96 properties were withdrawn.

This time last year, Sydney’s clearance rate was 83.5 per cent after 719 properties were taken to auction.

Results were provided for 705 of those auctions, with 589 properties selling (to the value of $1045.9 million), while 43 properties were withdrawn.

Melbourne

Melbourne’s preliminary clearance rate was 67.2 per cent this week after 1288 properties were taken to auction.

So far, results have been provided for 969 of those auctions, with 651 properties selling (to the value of $576.6 million), while 101 properties were withdrawn.

Last week, Melbourne’s final clearance rate settled at 69.5 per cent 1132 properties were taken to auction.

Results were provided for 1026 of those auctions, with 713 properties selling (to the value of $552.4 million), while 70 properties were withdrawn.

This time last year, Melbourne’s clearance rate was 75.1 per cent after 1196 properties were taken to auction.

Results were provided for 1072 of those auctions, with 805 properties selling (to the value of $957.8 million), while 82 properties were withdrawn.

Ray White results

The Ray White Group reported severe weather in many of the eastern states did little to deter bidders on Saturday, with some ‘enormous results’ around the country, particularly in the drenched cities of Brisbane and Sydney.

Despite soaking rain across the east coast, buyers pushed Ray White’s preliminary auction day clearance rate to 84 per cent by late Saturday afternoon.

The top sale of the day for the Ray White Group was in Brisbane where 2 Perry St, Hamilton sold under the hammer at public auction for $6.77 million.

Highly experienced agent, Dwight Ferguson of Ray White Ascot, sold the property to a local family.

Auctioneer Phil Parker said there were seven registered bidders and they were all active in the exciting auction.

“Despite the weather, Brisbane’s prestige market is on fire and has never been so active with buyers,” Mr Parker said.

Nationally, there were an average of 5.3 registered bidders at Ray White auctions on Saturday, with 3.3 participating in active bidding.

South Australia led the way with 8.5 registered bidders on average, followed by New South Wales with a strong 5.6 registered bidders.

Ray White Head of Auction Data, Nathan Kennedy said some 66.5 per cent of the group’s sellers this week were owner occupiers, while 27.2 per cent were investors, and 77.9 per cent of buyers were owner occupiers with 19 per cent investors.

“Some 91.7 per cent of buyers this week were local, 7.1 per cent interstate and less than 1 per cent were from overseas. This data set is something we are monitoring very closely now in the wake of the international border reopening this week,” Mr Kennedy said.

New South Wales

Ray White New South Wales chief auctioneer Alex Pattaro said the wild weather did not deter any serious buyers on Saturday, in another demonstration of the Sydney market strength.

“Property prices remain strong across all parts of Sydney, and we are seeing slightly less buyers than last year, which should give ready-now buyers more confidence that they can secure a home,” Mr Pattaro said.

“Competition at auction for top-tier homes across all suburbs is strong, with our auctioneers reporting eight to 10 or more buyers on these homes. With prices stable in Sydney, it is currently an excellent time for both sellers and buyers to transact,” he said.

Victoria

Ray White Victoria and Tasmania CEO Stephen Dullens said the strong momentum from 2021 has continued into February, with buyers once again out in force for the weekend’s auctions.

“The events in Europe over the last few days have been challenging to watch, and the resulting uncertainty has driven much volatility within investment markets across the world,” Mr Dullens said.

“As weekly auction numbers across Victoria continue to increase and COVID-19 restrictions are relaxed, the sunny day in Melbourne again resulted in big auction crowds,” he said.

“With over 200 auctions scheduled across Victoria, our preliminary clearance rate sits at 89 per cent with early results showing 3.5 active bidders per auction.”

Queensland

Ray White Queensland Chief Auctioneer Gavin Croft said that the 389mm of rain within three hours on Saturday led to a lot of fear that the crowds wouldn’t show up for auctions.

“The usual large crowds of onlookers stayed home today, but the genuine buyers were absolutely turning up and were ready to secure real estate,” Mr Croft said.

“This level of rain was almost a buyer qualifying method today; only genuine bidders showed up, and they bid incredibly fiercely,” he said.

Mr Croft said that there was an extraordinary amount of bidding today, along with a huge number of properties selling prior to auction in Brisbane this week.

South Australia

Ray White SA/NT chief auctioneer John Morris said if there was any drop in clearance rates for the east coast of Australia, it certainly had not been the case in Adelaide.

“Last week our clearance rate sat at 85.7 per cent, and we also had the largest number of registered bidders in the country, sitting at 8.7 bidders on average per auction,” Mr Morris said.

“This week we entered the weekend at a 100 per cent clearance rate, and there has been bidding at every auction this week.

“It is looking like Adelaide is going to continue topping that board for the weeks and months to come.”

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Cassandra Charlesworth

Cassandra Charlesworth is a features writer for Elite Agent Magazine with over 15 years’ journalism experience in metropolitan and regional newsrooms. She has a specialist interest in real estate, tech disruption and a good old-fashioned “yarn”.