This weekend’s auction clearance results Saturday June 12th – record auction numbers despite being Queen’s Birthday long weekend

Auction clearance rates remained strong this weekend despite being the Queen’s Birthday long weekend.

Dr Andrew Wilson of My Housing Market was tracking 1,377 auctions in the major auction capitals this weekend, which is predictably below last weekend’s June record of 2697 auctions, but significantly higher than the 507 homes auctioned over the same holiday weekend last year.

This record number of auctions, together with holiday distracted buyers, pushed the weekends auction clearance rates lower.

Nonetheless, all our capital cities delivered relatively strong auction clearance rates with Adelaide being the stand-out performer with a preliminary auction clearance rate of 88.3% from the 63 auctions conducted.

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

  • Sydney – 77.8%
  • Melbourne – 69%
  • Brisbane – 69%
  • Canberra – 85%

Today’s combined capital city preliminary auction clearance rate was recorded at 69.8% across 789 auction results reported so far.

Sydney:

Sydney’s auction clearance rates are lower than they were in the white hot markets of March and April this year, yet there is still significant buyer depth considering how many more properties are being put to market by auction each weekend.

The Harbour City was host to 578 auctions this weekend, about half as many properties as last weekend, but still record numbers for a long weekend.

Of the 415 Sydney auction results collected so far this weekend, 305 have returned a successful sale, a sign of the firm Sydney auction market. 

69 properties that were planned to be auctioned this weekend were withdrawn from sale.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 high 60%’s as the remaining auction results are collected.

Last week, a final clearance rate for Sydney as reported by Domain was 72.7%.

Realestate.com.au reported that there were also 1,526 private sales in New South Wales over the last week, much the same as the 1,552 private sales the week before.

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

Sydney Auction Trends

Dr. Andrew Wilson commented:

Record Queen’s Birthday Results Reflects Still-Booming Sydney Market.

Another big Saturday of auction results for the Sydney market despite the usual distractions for buyers and sellers of the Queens Birthday long weekend holiday.

Sydney clearly smashed the record for the number of auctions conducted on a Queens Birthday holiday Saturday and also set a new record for the number and value of sales reported for that day.

Sydney recorded a clearance rate of 77.9% on Saturday which was just below the previous weekends 80.8% but higher than the 61.5% recorded over the same holiday weekend last year.

Although the weekend result fell below 80% for the first time this year, given the holiday circumstances and record listings, it continues to reflect strong underlying local market conditions.

Sydney reported a Queens Birthday record Saturday 578 auctions which was predictably lower than the previous weekends 1048 was well above the 313 recorded over the same holiday weekend last year.

Sydney Auction Regions

Melbourne:

In Melbourne 641 properties were scheduled for auction this week – a huge number for a long weekend.

However the ongoing lockdown meant that Melbournians were unable to inspect properties over the last 2 weeks, yet despite this only 70 properties were withdrawn from sale this weekend.

Of the 234 Melbourne auctions reported so far, 145 were successfully sold.

The preliminary Melbourne auction clearance rate will be revised lower to the mid 60%’s as the remaining auction results are collected.

Last week a final clearance rate of 63.6% was recorded for Melbourne by Domain.

Realestate.com.au reported that there were also 1,129 private sales in Victoria this week; less than last week’s number (1,192), but an amazing result considering Melbourne is lockdown.

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

Melbourne Auction Trends

 

Dr. Andrew Wilson commented:

Melbourne auction clearance rates were lower again at the weekend, dragged down by the typical holiday distractions of the Queens Birthday long weekend.

Although some local covid restrictions remain in place, auction withdrawals again were relatively low – particularly compared to other lockdown periods – indicating the market adaption to shutdown conditions Melbourne reported a record Queen’s Birthday Saturday auction day indicating continuing interest from sellers in recent strong market conditions.

641 auctions were reported which, although predictably well below last weekend’s June record 1379, was well above the 143 reported over the same holiday weekend last year.

Melbourne reported a clearance rate of 69.0% which was lower than the 72.2% recorded the previous weekend and again the lowest result since the 66.9% recorded over October 24th last year – also impacted by lockdown at that time.

Melbourne recorded a median price of $975,000 for houses sold at auction on the weekend which was lower than the $1,046,000 recorded over the previous weekend but 17.0% higher than the $833,000 recorded over the same holiday weekend last year.

Melbourne Auction Regions

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.

National clearance rates eased over the weekend, reflecting the listing surge providing more choice for buyers, and again high withdrawals in Melbourne which was just coming out of Covid lockdown.

 

Auction Results 12th June

Auction Clearnace Trends Auction Listings

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

Weekly Auction ClearanceWeekly Auction Total



NOW READ: 
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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media. Visit Metropole.com.au


'This weekend’s auction clearance results Saturday June 12th – record auction numbers despite being Queen’s Birthday long weekend' have 18 comments

    Avatar for Michael Yardney

    July 21, 2020 Michael

    Do you know where the final auction results are published. I can only find the totally misleading preliminary results.

    Reply

      July 21, 2020 Michael Yardney

      The final results are published on both Domain’s and realestate.com.au websites on a Thurday

      Reply

    Avatar for Michael Yardney

    May 31, 2020 James

    Hi Michael, can you help explain the preliminary auction clearance rates that get reported by Domain each week?

    Using Sydney’s figures as an example.

    Total 367
    Confirmed: 219
    Sold: 166
    Withdrawn: 49
    Passed In: 53
    65% from (166/[166+49+53]) or 166/268 = 61.9%

    I understand how the % has been calculated but what happened to the other 99 properties? It’s almost 30% of the results not being reported?

    Then looking back at Domains previous weeks they are the same
    23rd May – The results say 67% but missing 60 (24%) of the results
    16th May – 75% but missing 58 (38%) of the results
    09th May – 68% but missing 49 (34%) of the results

    When do the figures catch up and are no longer ‘preliminary’ results?

    If 30-40% of the results are never included, whats the point of tracking it?

    Reply

      June 1, 2020 Michael Yardney

      You are right James and that’s why these are marked as preliminary auction results and final auction results are released on Thursday each week when many of the unreported sales are taken into account.
      That’s why I have suggested in my commentary that auction clearances will end up significantly lower than those initially reported

      Reply

    Avatar for Michael Yardney

    March 1, 2020 Steve

    Hi Michael,
    I have a Sydney investment property on the Northern Beaches worth approx $2M, with $1M in equity. Am i better off to sell it and use the $1M of equity to buy multiple properties in other states / locations to diversify, spread risk and increase the chances of capital growth and cash flow?
    I already have another Sydney investment property worth similar, so pay a hefty land tax bill every year.
    Regards
    Steve

    Reply

      March 1, 2020 Michael Yardney

      I understand your concern, no one likes paying land tax, it is a wealth tax but it is also necessary part of becoming wealthy through Real Estate. You should see my land tax bill:-)

      I can’t answer your question without a lot more information, but this is exactly what we do as part of our modelling when we build a Strategic Property Portfolio plan for our clients. It takes into account your time frames, the capital growth of your current property, the potential capital growth of other properties, the costs involved in buying and selling and over what time period you would make a bigger profit. You can read more about our service here. Why not book in for a time delivers build a Strategic plan for you plan for you

      Reply

    Avatar for Michael Yardney

    December 16, 2019 Cheshire Fili

    Hi Michael, what are your thoughts on Dualdwelling properties and the rental guarantees that some agencies offer. pros and cons pls.
    Thanks in advance

    Reply

      December 16, 2019 Michael Yardney

      Steer clear of them they must be terrible investments for the developer to nee dto offer you this type of incentive.
      There is SO much written about this on the internet – I’ll do an article on this as well – but I’m glad you asked – don’t even consider either

      Reply

    Avatar for Michael Yardney

    November 24, 2019 Raj

    Hi Michael, would you help people from NZ to invest in the residential property or your services are only limited to Australians?
    Thanks Raj.

    Reply

    Avatar for Michael Yardney

    October 7, 2019 Shirley Lee

    Hi Michael
    Thank you very much for your insight!
    I am looking for an apartment in Clayton for investment with a budget of $550,000. I plan to rent it to the students in Monash University. Do you consider it as a good investment?
    Please give me some comments!
    Shirley

    Reply

      October 7, 2019 Michael Yardney

      Shirley – Clayton is not on my radar and students are not the best tenants – that’s a good budget – you could do a lot better

      Reply

    Avatar for Michael Yardney

    September 29, 2019 Trish Walls

    Are there any statistics collected or reported for the Gold Coast anywhere?

    Reply

    Avatar for Michael Yardney

    September 2, 2019 Jeff Wright

    Thank you for this regular information re Auctions and auction clearance rates.
    But why do you continually leave Perth out !?

    Reply

      September 2, 2019 Michael Yardney

      Jeff becuase of the very few auctions occuring in perth – the main providers of statistics don’t report Perth auctions

      Reply

        Avatar for Michael Yardney

        February 2, 2020 Jason

        HI Michael,
        With a total purchase of $3 million in Sydney, how many properties would you recommend with this budget and purchase for each (ie $1 million each for 3) and would you stick to apartments only?
        Thank you

        Reply

          February 2, 2020 Michael Yardney

          Jason. It really depends on your circumstances, your investment goals etc. At that budget you couldmeither buy a block of apartments or 2 houses

          Reply


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