Auction clearance rates remained strong this weekend despite a flood of properties for sale and the fact that Melbourne, our biggest auction market being locked down.
Dr Andrew Wilson of My Housing Market was tracking 2,555 auctions in the major auction capitals this weekend, which is just below the monthly record of 2563.
Melbourne’s snap lockdown on meant a number of auctions were brought forward to Thursday night, while others were conducted online and over 200 properties were withdrawn from sale.
All our capital cities delivered strong auction clearance rates with Canberra being the stand-out performer with a preliminary auction clearance rate of 89% from the 56 auctions conducted.
Other preliminary clearance rates (as reported by Dr. Andrew Wilson’s Auction Insider) were:-
- Sydney – 82.2%
- Melbourne – 76.5%
- Brisbane – 76.1%
- Adelaide 87.1%
Today’s combined capital city preliminary auction clearance rate was recorded at 74.9% across 1,768 auction results reported so far.
Sydney:
The Harbour City was host to 981 auctions this weekend, a few more than the 949 properties put to auction last weekend.
Of the 720 Sydney auction results collected so far this weekend, 557 have returned a successful sale, a sign of the firm Sydney auction market.
95 properties that were planned to be auctioned this weekend were withdrawn from sale.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 mid 70%’s as the remaining auction results are collected.
Last week, a final clearance rate for Sydney as reported by Domain was 72.6%.
Realestate.com.au reported that there were also 1,501 private sales in New South Wales over the last week, much the same as the 1,527 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 1,272 properties were scheduled for auction this week, more than last weekend’s 1,117 properties put to auction
However the snap lockdown meant that many properties auctioned on Thursday night, others were sold by online auction and 207 properties will withdrawn from sale.
Of the 878 Melbourne auctions reported so far, 627 were successfully sold.
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 70.8% was recorded for Melbourne by Domain.
Realestate.com.au reported that there were also 1,310private sales in Victoria this week; much the same as last week’s number (1,346.)
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 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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