This weekend’s auction results Saturday April 10th – Another weekend of strong auction clearance rates

Auction clearance rates were strong once again this weekend, though Melbourne’s results were a little lower than prior to Easter.

This weekend 1,909 properties were taken to auction 

Auction results

All our capital cities delivered strong auction clearance rates with Canberra again being the stand-out performer with a preliminary auction clearance rate of 94%.

Other preliminary clearance rates (as reported by RealEstate.com.au) were:-

  • Adelaide – 88%
  • Sydney – 87%
  • Melbourne – 82%
  • Brisbane – 77%

Today’s combined capital city preliminary auction clearance rate was recorded at 79.3% across 1,390 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.

This time last year saw a final national clearance rate of 26.9% when only 129 properties were taken to auction as the Coronavirus lockdowns commenced.

Sydney:

The Harbour City was host to 785 auctions this weekend, significantly less than in the weeks leading up to Easter but the ongoing strong auction clearance rates show the depth of the buyer demand.

Of the 588 Sydney auction results collected so far this weekend, 489 have returned a successful sale, a sign of the firm Sydney auction market.

The preliminary Sydney auction clearance rate of 83.2% will be revised lower to around the high 70%’s as the remaining auction results are collected.

Realestate.com.au reported that there were also 1,183 private sales in New South Wales over the last week; fewer than in the weeks leading up to Easter (1,624 and 1,630)

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

Dr Wilson commented:

The Sydney housing market delivered another strong weekend for sellers although the auction clearance rate was the lowest recorded over autumn so far.

Auction numbers remained reasonably strong however with 785 listings which, although well down from the record of 1227 auctioned over the super Saturday a fortnight ago, was nonetheless significantly higher than the Easter resumption of previous years.

 

Sydney Auction Trends Sydney Auction RegionsMelbourne:

In Melbourne 1,593 properties were scheduled for auction this week, significantly more than last weekend’s 1,123.

Of the 1,247 Melbourne auctions reported so far, 1013 were successfully sold.

The preliminary Melbourne auction clearance rate of 81.2% will be revised lower to around the mid to high 70%’s as the remaining auction results are collected.

Last week, a final clearance rate of 77.3% was recorded for Melbourne.

Realestate.com.au reported that there were also 1,220 private sales in Victoria this week; fewer than in the weeks leading up to Easter (1,455 and 1,391)

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

Dr. Wilson commented:

The Melbourne weekend home auction market recorded the lowest Saturday clearance rate for the year so far, following the resumption of activity from last weekend’s Easter holiday break.

905 homes were listed for auction on Saturday which was well below the 1593 auctioned over the super Saturday a fortnight ago, but higher than the Easter resumption of previous years.

Melbourne Auction Trends Melbourne Regions Auctions

 

 

 

Here are the preliminary auction clearance rates as reported by RealEstate.com.au

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

 

Auction Clearance Rates Melbourne Sydney Brisbane Adelaide Canberra

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.

Weekly Auction Clearance

Now is the time to take advantage of the opportunities that will present themselves as the market moves on

Metropole

There is no doubt that our property markets are going to remain strong as the year unfolds but, as always, some properties will outperform others.

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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 results Saturday April 10th – Another weekend of strong auction clearance rates' have 18 comments

    Avatar

    July 21, 2020 Michael

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

    Reply

      Michael Yardney

      July 21, 2020 Michael Yardney

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

      Reply

    Avatar

    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

      Michael Yardney

      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

    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

      Michael Yardney

      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

    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

      Michael Yardney

      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

    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

    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

      Michael Yardney

      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

    September 29, 2019 Trish Walls

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

    Reply

    Avatar

    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

      Michael Yardney

      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

        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

          Michael Yardney

          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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