This weekend’s auction clearance results Saturday November 20th – the busiest auction weekend in history

The volume of scheduled auctions today reached new highs across Sydney, Canberra, and Adelaide, marking the busiest auction week for the combined capitals since CoreLogic records commenced in 2008.

The surge of late Spring listings of properties for sale by auction caused Melbourne and Sydney auction clearance rates to ease in all the capital cities this weekend

While it is common for auction clearance rates to ease over the concluding period the Spring selling season driven down by higher listings providing more choice for buyers and more competition for sellers there have never been as many auction sales scheduled for one weekend.

This weekend with 3165 properties scheduled put to auction, compared with last weekend’s 2764 and 2580 the weekend before.

Auction listings have now increased over nine consecutive weekends, driven by the easing of Covid restrictions in Melbourne, Sydney and Canberra and the desire for sellers to finalise a deal before Christmas.

This resulted in auction clearance rates slipping off their highs experienced a few weeks ago but still holding up well.

While overall the markets were still strong, the peaking of the property price boom cycle seems to be a factor now, with listings trending up and higher property prices pushing some buyers out of the market as affordability and borrowing restrictions come into play.

Dr. Andrew Wilson of My Housing Market reported Canberra as the stand-out performer with a preliminary auction clearance rate of 87.6% from 112 auctions.

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

• Adelaide – 77.4%
• Sydney – 77.2%
• Brisbane– 72%
• Melbourne – 69.8%

Sydney auction commentary:

With only 3 auction weekends left this year Sydney hosted a record 1234 auctions (1075 last weekend and 988 the week before.)

As a result of the extra choice available to buyers, the preliminary auction clearance rate was 77.2% and, of course, this will be revised lower to around the low 70%’s as the remaining auction results are collected. 

Last week, a final clearance rate for Sydney as reported by Domain was 66.7%.

This weekend 157 properties that were planned to be auctioned this weekend were withdrawn from sale.

Realestate.com.au reported that there were also 1,773 private sales in New South Wales over the last week, quite a few more than the 1,630 private sales reported the week before; and of course, many off-market sales would not have been reported.

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

Dr Andrew Wilson commented:

Sydney clearance rates rise despite another record November auction day.

Clearance rates bounced back in Sydney at the weekend despite a continuing record flood of end of year auctions.

Sydney recorded a clearance rate of 77.2% of the weekend which was higher than the previous weekend’s 76.3%, but lower than the 80.8% recorded over the same weekend last year.

A record 1234 homes were listed for auction on Saturday which was well of head of the previous weekends 1075 and significantly higher than the 781 auctioned over the same weekend last year.

The clearance rate for houses were 78.3%, with units lower at 74.4%

Melbourne auction commentary:

In Melbourne a whopping 1518 properties were scheduled for auction this week – significantly more than last weekend’s 1220

The preliminary auction clearance rate for Melbourne dropped to 69.8% but will be revised lower to the mid 60%’s once the remaining auction results are collected.

Last week the final clearance rate for Melbourne as reported by Domain was 69.1%.

Only 167 properties were withdrawn from sale this weekend – a sign of the strength of the market; and these are counted as “passed in” meaning this will bring down the overall auction clearance rate.

Realestate.com.au reported that there were also 1384 private sales in Victoria in the last week; much the same as the previous week’s 1404

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

Dr Andrew Wilson commented:

New record-breaking listings pushes clearance rates down again.

Melbourne’s weekend auction market concluded November with a new record number of listings.

The recent surge in auction numbers has predictably acted to put downward pressure on clearance rates that nonetheless continue to favour sellers.

Melbourne reported a clearance rate of 69.8% on Saturday which was lower than the previous week and 72.5% and also lower than the 75.6% recorded over the same weekend last year.

The clearance rate for houses were 70.3%, with units lower at 67.3%.

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

As always there will be lower by mid week when the auction results that are not yet reported are taken into account.

Auction markets are remaining resilient despite the higher number of properties put to auction this weekend.

Strong underlying buyer appetite continues to be a positive force underpinning our property markets.

The following charts from NAB and Corelogic also show the long-term auction clearance rate trend for our combined capital cities.