Auction clearance rates were very strong once again this weekend continuing the robust recovery our housing markets have been experiencing this year .
This weekend 1,903 properties were taken to auction this week considerably more than last weekend (which was a long weekend in much of Australia.)
All our capital cities delivered strong auction clearance rates with Canberra being the stand out performer with a preliminary auction clearance rate of 93%.
Other preliminary clearance rates (as reported by Corelogic) were:-
- Adelaide – 90%
- Sydney – 88%
- Melbourne – 80%
- Brisbane – 72%
Today’s combined capital city preliminary auction clearance rate was recorded at 83.5% across 1,445 auction results reported so far, a little higher than last week’s preliminary result (84.7%) which was later revised down to 79.7%.
This time last year saw a final national clearance rate of 63.6% when 1,987 properties were taken to auction.
When auction clearance rates consistently remain near 80% it means there are more buyers than sellers in the market and this eventually leads to higher property prices, and that’s clearly what’s happening around Australia as FOMO (fear of missing out) seems rampant in our housing markets.
Sydney:
The Harbour City was host to 716 auctions this weekend, a few more than last week (667) but fewer than weekend before (743), and the ongoing strong auction clearance rates show the depth of the buyer demand.
This time last year 650 Sydney properties were put to auction with a 67.6% auction clearance rate.
Of the 541 Sydney auction results collected so far this weekend, 476 have returned a successful sale, a sign of the firm Sydney auction market.
The preliminary Sydney auction clearance rate of 88% is considerably higher than that of last weekend (83.7%) and will be revised lower to around the mid 80%’s as the remaining auction results are collected.
Last week, a final clearance rate of 83.7% was recorded for Sydney, while one year ago a success rate of 67.6% was achieved across Sydney.
The Sydney market is clearly on the move with the prospect of more record results in higher prices over the coming weekends.
Realestate.com.au reported that there were also 1,705 private sales in New South Wales over the last week; significantly more than last week (1,594.) Again a sign of the strength of the Sydney property market.
Dr. Andrew Wilson of My Housing markets comments:
The Sydney auction market continues to steam ahead with extraordinary buyer demand keeping clearance rate close to 90%.
Melbourne:
In Melbourne only 978 properties were scheduled for auction this week, significantly less than the Super Saturday of 2 weeks ago (1,215).
This time last year 1,147 Melbourne properties were put to auction.
Of the 756 Melbourne auctions reported so far, 603 were successfully sold.
The preliminary Melbourne auction clearance rate of 79.8% will be revised lower to around the mid 70%’s as the remaining auction results are collected.
Last week, a final clearance rate of 70.1% was recorded for Melbourne, while one year ago, an auction clearance rate of 62.7 % was achieved across Melbourne.
Realestate.com.au reported that there were also 1,228 private sales in Victoria this week; less than the 1,316 sales reported in the previous week.
The following chart from Dr. Andrew Wilson of My Housing markets shows the long term trend of Melbourne’s auction market:
Here are the preliminary auction clearance rates as reported by Domain
As always these will be lower by mid week when the auction results that are not yet reported are taken into account.
Clearly all the auction markets around Australia were very strong this weekend.
The following chart from NAB and Corelogic shows the long term auction clearance rate trend for our combined capital cities.
Now is the time to take advantage of the opportunities that will present themselves as the market moves on
There is no doubt that our property markets are going to remain strong as the year unfolds but, as always, some properties will outperform others.
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NOW READ: This week’s Australian Property Market Update
from Property UpdateProperty Update https://propertyupdate.com.au/this-weekends-auction-results-what-happened-in-sydney-melbourne-brisbane-adelaide-canberra/
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