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

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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.

Online House Auction

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This weekend 157 properties that were planned to be auctioned this weekend were withdrawn from sale.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

Syndey Auction 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%

Sydney Regional Auction Results

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:

Melbourne Auction Trends

 

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%.

Melbourne Regional Auction Results

 

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 cle

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.

Auction Listing Trend Auction Clearnace Trend

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

Weekly Auction ClearanceWeekly Auction Total


NOW READ: This week’s Australian Property Market Update


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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 November 20th – the busiest auction weekend in history' 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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