Auction volumes fell slightly this week, with 2945 properties taken to auction across the combined capitals, resulting in a preliminary clearance rate of 72.7 per cent.
Of the 2339 results collected so far, 72.7 per cent were successful. This was down from the previous week’s preliminary clearance rate of 74.3 per cent, which revised down to 70.9 per cent at final figures.
This time last year, 80 per cent of reported auctions were successful.
“Despite the recent weather and flooding events in Brisbane and Sydney, auction withdrawal rates have held relatively low,” CoreLogic reported.
Sixteen per cent of auctions were withdrawn across Sydney this week, compared with a year-to-date average of 12 per cent, while in Brisbane, 18 per cent of auctions were withdrawn compared to a year-to-date average of 11 per cent.
Melbourne was host to 1426 auctions this week, down from 1574 over the previous week but more than three times the volume of the same time last year when 487 were held.
Of the 1159 results collected so far, 70.4 per cent have been successful.
This is slightly lower than the previous week’s preliminary clearance rate of 71 per cent, which revised down to 67.6 per cent at final figures.
Over the same week last year, 75.2 per cent of reported auctions were successful.
In Sydney, 993 homes were taken to auction across the city, down from 1202 over the previous week, but still higher than last year when 789 auctions took place.
The clearance rate was down week-on-week, with 74.6 per cent of the 808 results collected so far reporting a successful result.
The previous week saw a preliminary clearance rate of 76.9 per cent, which revised down to 72.6 per cent at final figures, while this time last year, 82.9 per cent of reported auctions were successful.
The smaller capitals
Across the smaller capitals, Adelaide recorded the highest preliminary auction clearance rate (82.1 per cent), followed by Canberra (75.7 per cent) and Brisbane (69.8 per cent).
In Perth, one of the three results collected so far was successful.
In terms of auction volumes, Adelaide was the busiest auction market this week with 194 homes taken to auction across the city, followed by Brisbane (180), Canberra (140) and Perth (10).
There were only two auctions in Tasmania this week and one of them was successful.
Domain has reported a preliminary clearance rate of 70.2 per cent after tracking 2377 auctions across the major capitals.
So far, results are in for 1649 of those auctions, with 1157 properties selling (to the value of $1056 million), while 220 properties were withdrawn.
Last week, the final clearance rate settled at 67.6 per cent after 2638 properties went to auction.
Results were provided for 2381 of those auctions, with 1610 properties selling (to the value of $1461 million), while 241 properties were withdrawn.
This time last year, the clearance rate was 78.9 per cent after 1207 properties went to auction.
Results were provided for 1126 of those auctions, with 888 properties selling (to the value of $1335 million), while 95 properties were withdrawn.
Sydney’s preliminary clearance rate is 72.5 per cent this week after 841 properties were taken to auction.
So far, results are in for 556 of those auctions, with 403 properties selling (to the value of $437.6 million), while 111 properties were withdrawn.
Last week, Sydney’s final clearance rate was 72.1 per cent after 971 properties were taken to auction.
Results were provided for 850 of those auctions, with 613 properties selling (to the value of $655.8 million), while 113 properties were withdrawn.
This time last year, Sydney’s clearance rate was 83.9 per cent after 661 properties were taken to auction.
Results were provided for 629 of those auctions, with 528 properties selling (to the value of $995.8 million) while 56 properties were withdrawn.
Melbourne’s preliminary clearance rate this week is 69.2 per cent after 1210 properties were taken to auction.
So far, results are in for 907 of those auctions, with 628 properties selling (to the value of $530.2 million), while 75 properties were withdrawn.
Last week, Melbourne’s clearance rate was 63.2 per cent after 1291 properties were taken to auction.
Results were provided for 1189 of those auctions with 752 properties selling (to the value of $627.8 million), while 104 were withdrawn.
This time last year, Melbourne’s clearance rate was 69.5 per cent after 390 properties were taken to auction.
Results were provided for 341 of those auctions, with 237 properties selling (to the value of $229 million), while 33 properties were withdrawn.
Ray White results
The Ray White Group noted buyers were out in force on Saturday, despite limited stock, particularly in Brisbane where the postponed rate jumped after the rain soaking event of last week.
“Ray White data shows the long-term average of properties postponing their auctions in any given week in Queensland is four per cent, but this week it jumped to 20 per cent after the intense rain and floods in some parts of the south east of the state,” they stated.
The group had 625 auctions scheduled this week, and 68 of those alone were in Brisbane.
The day dawned with blue skies in the river city and those who proceeded to game day were rewarded with an average of 6.6 registered bidders per property and strong results under the hammer in Brisbane, according to Ray White.
Nationally, the real estate group recorded a preliminary auction day clearance rate of 84.4 per cent.
Adelaide produced the top number of registered bidders at 22 and was also the standout city by clearance rate, with a preliminary clearance rate of 92.9 per cent.
Average registered bidders sat at 5.6 nationally.
Ray White Queensland chief auctioneer Gavin Croft said 90 per cent of his auctions booked for Saturday sold prior.
“Off the back of the flooding, it sent a touch of nerves through some sellers. Quite a number of them chose to sell prior,” he said.
“However, the one auction I did call for Ray White Beenleigh today had five registered bidders and sold for $515,000 to a local investor, with the underbidder being a Sydney buyer.
“Despite the floods, we are still seeing really high energy and resilience in the Queensland market.”
Ray White New South Wales chief auctioneer Alex Pattaro said it was an exceptional start to March.
“We continue to see strong property prices and auction registrations across Sydney auctions,” Mr Pattaro said.
“Opening bids are slower than they once were with many buyers happy to sit and wait to see what unfolds.
“The gap, relating to price, between the first and second bidders continues to increase, suggesting that sellers should heavily consider their on-the-day auction prices.
“Sellers thinking about coming to market should make this decision quickly, as now is an exceptional time to take full advantage of the activity and prices.”
Ray White Victoria and Tasmania CEO Stephen Dullens the strong momentum continued this week with any auctions being held across the state this weekend
“It has been pleasing to see the strong results continue with Ray White having its strongest ever February, transacting $930 million worth of property sales across Victoria,” Mr Dullens said.
“This was an increase of 13 per cent compared to last year (at the time the all-time record) and shows once again that buyers remain keen and committed to securing their home purchase.”
While an influx of listings was experienced at the end of 2021, Mr Dullens said January and February listing numbers were roughly in line with last year – providing buyers more choice.
“With more listings coming online, buyers have a great choice when searching for their property,” he said.
“Pleasingly, the increased number of listings hasn’t seen a drop in sales, with the preliminary clearance rate across Ray White Victoria sitting at 81 per cent this week.
“We look forward to March with anticipation of more strong results.”
Ray White South Australia chief auctioneer John Morris said more than 83 per cent of auctions throughout South Australia for the first two months of 2022 had sold under the hammer.
“It’s not a small number either, over 400 auctions, which is a very impressive number for this state,” Mr Morris said.
“More impressive is the average registered bidders – we topped the leader board around the country with an average of 8.5 registered bidders per auction.
“Last week CoreLogic reported an 83.8 per cent clearance for the state, which is very high, but Ray White data reported an 96.1 per cent clearance for properties selling under the hammer on auction day. It was not a small number, including more than 60 auctions.
“Next week is another impressive week for Ray White South Australia, with 36 per cent of auctions across the state flying the yellow flag.”