This weekend’s auction results Saturday May 22nd – Clearance rates slipping but still strong

Auction clearance rates remained strong this weekend, but they’re slowly losing steam compared to the white hot markets before Easter.

This weekend 2,333 properties were taken to auction, a few less than last weekend’s 2,406 (but more than the previous weekend’s 2,569.)

All our capital cities delivered strong auction clearance rates with Canberra being the stand-out performer with a preliminary auction clearance rate of 91.2% from the 85 auctions conducted.

Other preliminary clearance rates (as reported by Dr. Andrew Wilson’s Auction Insider) were:-

• Sydney – 81.5%
• Melbourne – 76.9%
• Brisbane – 70.4%
• Adelaide 90.1%

Today’s combined capital city preliminary auction clearance rate was recorded at 76% across 1,762 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.

Sydney:

The Harbour City was host to 949 auctions this weekend, just a few less than the 991 properties put to auction last weekend.

Of the 682 Sydney auction results collected so far this weekend, 524 have returned a successful sale, a sign of the firm Sydney auction market. 

84 properties that were planned to be auctioned this weekend were withdrawn from sale.

The preliminary Sydney auction clearance rate will be revised lower to around the low 70%’s as the remaining auction results are collected.

Last week, a final clearance rate of 77.2% was recorded for Sydney.

Realestate.com.au reported that there were also 1,527 private sales in New South Wales over the last week, much the same as the 1,522 private sales the week before.

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

 

Melbourne:

In Melbourne 1,117 properties were scheduled for auction this week, similar to last weekend’s 1,163 properties put to auction

Of the 887 Melbourne auctions reported so far, 656 were successfully sold.

64 properties that were planned to be auctioned this weekend were withdrawn from sale.

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

Last week, a final clearance rate of 72.6% was recorded for Melbourne.

Realestate.com.au reported that there were also 1,346 private sales in Victoria this week; much the same as last week’s number (1,302.)

The following chart from Dr. Andrew Wilson of My Housing markets shows the long term trend of Melbourne’s auction clearance rate:

 

Here are the preliminary auction clearance rates as reported by Dr. Andrew WIlson

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

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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/