Despite the ANZAC Day long weekend, 1813 homes were taken to auction across the combined capital cities this week, resulting in a preliminary clearance rate of 67.6 per cent.
It followed last week’s 926 auctions, which marked the busiest Easter weekend on record, but was down slightly on the same weekend last year when 2087 auctions were held across the combined capital cities.
“Of the 1414 capital city results collected so far, 67.6 per cent were successful which is the lowest preliminary clearance rate recorded so far this year,” CoreLogic noted.
“The previous week returned a preliminary clearance rate of 73.3 per cent, slipping to 62.4 per cent at final figures – the lowest final clearance rate recorded all year, continuing the downwards trend we have been observing over the past couple of months.”
This time last year, the clearance rate was substantially higher across the combined capital cities at 77.2 per cent.
There were 686 homes taken to auction across Melbourne this week, up from 196 over the previous week and 957 this time last year.
Of the 561 results collected so far, 68.3 per cent have been successful, compared to a final clearance rate of 64.3 per cent over the previous week and 75.5 per cent this time last year.
Sydney was host to 721 auctions this week, compared to 480 over the previous week and 794 this time last year.
The clearance rate was down week-on-week, with 64.5 per cent of the 566 results collected so far reporting a successful result.
The previous week saw a preliminary clearance rate of 70.6 per cent, which revised down to 58.9 per cent at final figures – the lowest clearance rate the city has seen since the week ending 23 January (54.9 per cent).
This time last year, 79.3 per cent of reported auctions were successful.
The smaller capitals
Across the smaller capitals, Adelaide recorded the highest preliminary auction clearance rate (80.4 per cent), followed by Canberra (72.2 per cent) and Brisbane (66.3 per cent).
In Perth, 12 results have been collected so far, returning a 41.7 per cent clearance rate.
Adelaide was the busiest auction market this week with 162 homes taken to auction across the city, followed by Brisbane (148).
Canberra was host to 80 auctions this week, while 15 auctions were held in Perth. There was just one auction held in Tasmania this week.
Domain has reported a national clearance rate of 64 per cent after tracking 1460 auctions across the major capitals this weekend.
So far, results are in for 978 of those auctions, with 626 properties selling (to the value of $523.7 million), while 185 properties were withdrawn.
Last week, the clearance rate was 51.9 per cent after just 137 auctions took place due to the Easter long weekend.
Results were provided for 79 of those auctions, with 41 properties selling (to the value of $30.5 million), while 20 properties were withdrawn.
This time last year, 1690 properties went to auction, resulting in a clearance rate of 75.5 per cent.
Results were provided for 1637 of those auctions, with 1236 properties selling (to the value of $1495 million), while 171 properties were withdrawn.
Sydney’s preliminary clearance rate is sitting at 59.3 per cent this week after 634 properties went to auction.
So far, results have been provided for 430 of those auctions, with 255 properties selling (to the value of $248.4 million), while 129 properties were withdrawn.
Last week, only 86 properties in Sydney went to auction, resulting in a clearance rate of 54 per cent.
Results were provided for 50 of those auctions, with 27 properties selling (to the value of $25.4 million), while 13 properties were withdrawn.
This time last year, Sydney’s clearance rate was 76.8 per cent after 660 properties went to auction.
Results were provided for 641 of those auctions, with 492 properties selling (to the value of $779.4 million), while 73 properties were withdrawn.
Melbourne’s preliminary clearance rate is 66.2 per cent this week after 577 properties went to auction.
Results have been provided for 405 of those auctions, with 268 properties selling (to the value of $200.1 million), while 40 properties were withdrawn.
Last week, Melbourne’s clearance rate was 33.3 per cent after just 28 properties went to auction. Results were provided for 15 of those auctions, with five properties selling (for $3.6 million), while five properties were also withdrawn.
This time last year, Melbourne’s clearance rate was 73.8 per cent after 820 properties went to auction.
Results were provided for 789 of those auctions, with 582 properties selling (to the value of $579.7 million), while 76 properties were withdrawn.
Ray White results
On what would usually be a quiet Saturday in the auction arena, the Ray White Group reported the ANZAC Day long weekend delivered unusually high auction volumes, strong clearance rates and bidders arriving in hoards across the country.
The group recorded a national preliminary auction day clearance rate of 80 per cent, representing a 4 per cent increase on last year’s ANZAC Day Saturday.
“It appeared that sellers and buyers couldn’t put off their transactions any longer after Easter; the Ray White Group had 260 properties booked to go under the hammer today,” they said on Saturday.
“The resounding feedback from agents around the country was that the long weekend was a way to qualify serious buyers, who were ready and willing to bid strongly today whether in person or over the phone.
“The standout city from the day was Sydney, which recorded a huge 94 per cent clearance rate across the city.
“Taking out the highest sale of the day was an architecturally significant Perth home at 181 Broome St, Cottesloe, selling for $3.65 million and purchased by the next-door neighbours.”
Ray White New South Wales chief auctioneer Alex Pattaro said it was evident on Saturday that there were plenty of opportunities for buyers and sellers around Sydney.
“Sellers can take full confidence that the prices they are obtaining in the current market are extremely strong and in some cases substantially higher than 12 months ago,” Mr Pattaro said.
“Sellers must understand that they are selling and buying within the same marketplace.
“If you are selling for a little less than anticipated, then you are likely to buy at a little less than expected.”
Ray White Victoria and Tasmania CEO Stephen Dullens said the ANZAC Day long weekend certainly hadn’t dampened the appetite for buyers in Melbourne, with 130 auctions scheduled across Victoria this weekend.
“Despite the disrupted April, buyers were not letting these distractions get in the way of their property purchase.
“Long weekends normally mean a break in real estate activity, and this isn’t something we’ve seen this weekend,” Mr Dullens said.
“Despite all the distractions in April and the upcoming Federal Election in May, this isn’t something that buyers and sellers have let get in their way – in fact we have 15 per cent more auctions scheduled this month than April 2021.”
Ray White Queensland chief auctioneer Gavin Croft said there was a substantial amount of volume in Brisbane this long weekend; he called 12 auctions himself on Saturday.
“We are still seeing quite a lot of interstate buyers, but the local families are also out in force and bidding strongly,” Mr Croft said.
“We are starting to see buyers bid in a more composed manner, rather than the frenzy of a couple of months ago.
“There is no question that buyers are doing their very best but they are staying strong on their limits which is creating more of a balance.”
Ray White South Australia chief auctioneer John Morris said auction volume had dropped in Adelaide this weekend.
“So far in April we have had an 81 per cent clearance rate with 7.2 registered bidders per auction and 95 per cent of all auctions have had bidding,” Mr Morris said.
“We are sitting at 41.5 per cent of the auction share in South Australia here at Ray White which we are always very proud of.
“Bidder registrations are still strong, clearance rates are still strong and we are still seeing plenty of properties coming onto the market,” Mr Morris said.