This weekend’s auction results Saturday April 24th – Another weekend of strong auction clearance rates despite holiday distractions

Auction clearance rates were strong once again this weekend, despite the holiday distractions.

This weekend 1,721 properties were taken to auction 

All our capital cities delivered strong auction clearance rates with Canberra again being the stand-out performer with a preliminary auction clearance rate of 100% from the 33 auctions conducted this weekend

Other preliminary clearance rates (as reported by RealEstate.com.au) were:-

• Sydney – 88%
• Adelaide – 86%
• Melbourne – 80%
• Brisbane – 76%

Today’s combined capital city preliminary auction clearance rate was recorded at 80.2% across 1,223 auction results reported so far.

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.

This time last year saw a final national clearance rate of 26.9% when only 129 properties were taken to auction as the Coronavirus lockdowns commenced.

Sydney:

The Harbour City was host to 672 auctions this weekend, less than the 785 properties put to auction last weekend.

Of the 476 Sydney auction results collected so far this weekend, 387 have returned a successful sale, a sign of the firm Sydney auction market.

The preliminary Sydney auction clearance rate will be revised lower to around the low 80%’s as the remaining auction results are collected.

Last week, a final clearance rate of 79.2% was recorded for Sydney.

Realestate.com.au reported that there were also 1,600 private sales in New South Wales over the last week.

The following chart form Dr. Andrew Wilson of My Housing markets shows the Sydney auction trend:

Melbourne:

In Melbourne 835 properties were scheduled for auction this week, significantly fewer than last weekend’s 1065.

Of the 601 Melbourne auctions reported so far, 470 were successfully sold.

The preliminary Melbourne auction clearance rate of 80% will be revised lower to around the mid 70%’s as the remaining auction results are collected.

Last week, a final clearance rate of 70.8% was recorded for Melbourne.

Realestate.com.au reported that there were also 1,383 private sales in Victoria this 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 RealEstate.com.au

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

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from Property UpdateProperty Update https://propertyupdate.com.au/this-weekends-auction-results-what-happened-in-sydney-melbourne-brisbane-adelaide-canberra/