Weekly Auction Wrap: Lower volumes but strong sales

There was a lower number of homes going to auction over the weekend, thanks to the Spring Racing Carnival in Melbourne. But that didn’t stop Sydney and the rest of the country from putting in another solid performance.

The auction clearance rate in Sydney remained at a very upbeat 79.4 per cent, while Melbourne dipped to 73.3 per cent on reduced numbers, according to the latest data from CoreLogic.

The national rate ended up 73.6 per cent, which was slightly down on the prior weekend. During this time of year, we normally expect clearance rates to dip as more sellers bring their homes to market, but so far that fall has not come, highlighting the underlying strength at the moment.

Justin Nickerson (QLD)
Fresh from being named the 2019 Australasian Real Estate Institutes’ Auctioneering Champion, Justin Nickerson saw a slightly slower weekend than what he has seen of recent times.

“We had a quieter weekend. We had a couple of auctions that were really, really strong with a lot of competitive bidding, but then there were a few quieter ones as well with a lack of registered bidders that hasn’t really happened for the last few weeks.

“It’s fair to say that our volumes as a whole have definitely increased, and this is definitely a busy time for us all through the spring to mid-December.”

Stu Benson (NSW)
Stu Benson of Benson Auctions had a solid weekend, with the clearance rate a touch below the average.

“I finished with a 70 per cent clearance rate on Saturday, below the metropolitan average, but it certainly wasn’t through lack of trying by the agents I proudly represent.

“Despite some properties being truly well priced, presented and marketed, sometimes the right buyer just simply hasn’t entered the market, or is in the market but not in a position to buy just yet.

“It’s easy for vendors to forget that someone has to make up the percentage of homes that don’t sell under the hammer, so be sure to keep up the honest and transparent dialogue throughout the campaign so that we all go into auction day with realistic expectations.”

“As bookings for Saturday, December 21 begin to ceremoniously close off the 2019 auction calendar, It’s encouraging to see agents forward planning their 2020 campaigns, with my diary already reflecting bookings in February and even March, hinting that we’ll pick up just where we’re about to leave off for the year.”

David Holmes (Canberra/QLD)
David Holmes saw a slightly quieter weekend, but there were still good numbers at each auction in Brisbane and the Gold Coast.

“We had quite a few sell prior this weekend which was interesting. And otherwise, I had active bidding at every auction. There were also good numbers of registered bidders and healthy crowd sizes all across the weekend.

“There was some hesitation for those above $2 million, but any good Mum and Dad stock was snatched up pretty quickly.”

“I don’t think we’ll break any records, but I do expect a pretty solid end to the year. From now until Christmas it should be pretty steady.”

Josh Larson (Sydney)
Josh Larson had a huge weekend in Sydney, particularly at the top end of the market.

“We had the highest price in Sydney on the weekend, we had four bidders above $6.5 million dollars, and sold one for $7 million in Cremorne.

“The company sold 15 from 16 on Saturday, with average registered bidders creeping up to 4.5 per action. Overall a very strong weekend.

“We’ve only got a couple of weeks left to book until the end of the year. We’re busy until the end of November, with 70 auctions booked.

“If three people are missing out at every auction, they have to roll into something else. On the weekend there was definitely some more aggressive bidding from the buyers and they were a bit quicker to start.”

Alec Brown (Canberra)
Alec Brown had a good weekend in Canberra, but there were stark differences between various properties.

“Overall we had a really good weekend. It’s a bit of a mixed bag when it came to auction clearance rates, I think it’ll basically settle around 70 per cent.

“It was really a tale of two cities. If there were bidders it was a good strong contest, while others struggled.

“We’re seeing some more consistent in terms of the numbers of bidders, especially attendance. Now we’re seeing four to five registered bidders, so that’s encouraging.

“Despite there being more properties on the market, it hasn’t fallen into that oversupply just yet.

“We’ve got 70 auctions this month, with our largest auction event in January so we have a busy few months.”

Gavin Croft (Sydney)
Gavin Croft had another strong week in Sydney with an 84 per cent clearance rate.

“BresicWhitney had 19 auctions this week, 16 sold, giving a weekly auction clearance rate of 84 per cent with an average of 7.5 registered bidders per auction.

“Over the last five auction weekends, BW has conducted 100 auctions and 90 have sold on or before auction day (90 per cent) with registered bidders in excess of four per auction.

“So far this year, we’ve conducted 509 auctions, 418 sold on or before auction putting our YTD clearance at 82 per cent.”

Show More

Rowan Crosby

Rowan Crosby is a senior journalist at Elite Agent specialising in finance and real estate.