Saturday, November 16
This week marked one of the busiest periods in the auction calendar, with 2,882 auctions held nationally.
Tim Lawless, CoreLogic’s research director, noted that this was the most active week since Easter, however, the combined capitals’ preliminary clearance rate slipped to 64.1%, down from 65.8% last week.
“This was the third lowest preliminary clearance rate of the year to-date,” he said.
Melbourne and Sydney lead the activity
In Melbourne, 1,317 homes went under the hammer, making it the fourth busiest week of the spring selling season.
Preliminary clearance rates dropped slightly to 64.9%, compared to last week’s finalised figure of 59.0%.
Sydney saw 1,108 auctions, the second busiest week of spring, with a preliminary clearance rate of 63.4%, its second lowest this year.
Steph Shepherdson of Ray White Craigieburn highlighted Melbourne’s growing appeal to interstate investors, saying, “Melbourne is believed to be at the bottom of the market in terms of growth.
We can see prices rising due to this interstate interest.”
Domain’s auction data reflected similar trends. Melbourne’s clearance rate stood at 59.3% from 1,452 listings, while Sydney achieved a 62% clearance rate from 1,487 listings.
Nationally, 59.1% of auctions resulted in a sale, with houses commanding a median of $1.2 million and units $845,500.
Regional Highlights
Brisbane hosted 192 auctions, achieving a preliminary clearance rate of 56.3%, while Adelaide recorded a robust 70.7% success rate from its 164 auctions.
Ray White’s South Australian chief auctioneer, John Morris, pointed to the state’s resilience, stating, “The market is still extremely strong in South Australia, and it is looking like that won’t change anytime soon.”
In Canberra, 81 auctions were conducted, yielding a 66.0% clearance rate, while Perth’s standout sale was a $6 million property on the South Perth Esplanade, sold by Vivien Yap of Ray White Dalkeith Claremont.
“The successful sale reflects the continuing strong demand for premium apartments,” she said.
Notable Sales
Across Ray White’s network, the auction activity was unparalleled, with 946 auctions booked nationwide.
Jeremy Tyrrell, Ray White Victoria’s chief auctioneer, observed a steadying market: “It looks like the ship has settled as we sail towards the home stretch with five weeks remaining on the real estate calendar.
Ray White’s head of auctions for NSW and ACT, Perry Edmondson-Clark, also highlighted increasing auction volumes.
“We are tracking towards a personal best for the network, with 1,458 auctions currently scheduled.”
He added that bridging the gap between buyers and sellers remains challenging due to inflated seller expectations.
Looking ahead
With around 2,600 auctions forecast next week and approximately 2,700 the week after, the pace of activity shows no signs of slowing.
As the year edges closer to the holiday season, buyers and sellers alike are eager to finalise transactions.
Edmondson-Clark summed it up: “If you are considering a sale, the next 7-10 days are critical to get your property online if you wish to sell before the break.”
The property market’s steady performance and dynamic auction scene underscore the resilience and adaptability of Australian real estate.
