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Auction clearance results March 16th – Another Big Day of Auctions – but Clearance Rates Fall - featured image
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Auction clearance results March 16th – Another Big Day of Auctions – but Clearance Rates Fall

key takeaways

Key takeaways

Weekend auction markets hosted another big day of auctions but clearance rates were lower across the board as robust markets now test buyer depth.
Adelaide had the strongest auction clearance rate of 74.4%.

Auction clearance results for the other capitals were:- Melbourne - 65.2%; Brisbane -56.4%; Sydney - 71.3% and Canberra - 57.6%.

The national auction market reported a clearance rate of 65.0% at the weekend which was well below the 73.1% reported over the previous weekend – but marginally higher than the 63.4% recorded over the same weekend last year.

National auction numbers were predictably higher following the holiday impacted previous weekend, with 2448 listings versus the previous weekend’s 1371, and still significantly above the 1815 listed over the same weekend last year.

Weekend auction markets have resumed at full pace this weekend and with high listings numbers again likely next weekend prior to the Easter break, certain to continue to test markets. 

Weekend auction markets hosted another big day of auctions, but clearance rates were lower across the board as robust markets now test buyer depth.

Auction results around Australia, Saturday March 16th 2024:

Capital City This Saturday Last Saturday
Auctions Rate Auctions Rate
Sydney 836 71.3% 847 74.5%
Melbourne 1290 65.2% 359 67.5%
Brisbane 120 56.4% 69 75.4%
Adelaide 115 74.4% 68 83.0%
Canberra 87 57.6% 28 65.2%

The national auction market reported a clearance rate of 65.0% at the weekend which was well below the 73.1% reported over the previous weekend – but marginally higher than the 63.4% recorded over the same weekend last year.

National Aucton Clearance Rates

National auction numbers were predictably higher following the holiday impacted previous weekend, with 2448 listings versus the previous weekend’s 1371, and still significantly above the 1815 listed over the same weekend last year.

National Aucton Listing Trend

Weekend auction markets have resumed at full pace this weekend and with high listings numbers again likely next weekend prior to the Easter break, certain to continue to test markets.

More relief for buyers however next week with the RBA likely to again leave official interest rates on hold.

Sydney auction clearance results

Sydney Market Eases with Lower Clearance Rates from Another Saturday of High Listings

The Sydney auction market reported a lower clearance rate at the weekend dragged down by yet another big day of early autumn auctions.

Sydney Aucton Clearance Rates Results

Sydney however recorded another robust clearance rate of 71.3% at the weekend which lower than the 74.5% recorded over the previous weekend and also lower than the 74.5% recorded over the same weekend last year.

Saturday auction numbers were again high at the weekend with 836 listed versus the 847 auctioned over the previous weekend, and remained significantly above the 655 listed over the same weekend last year.

Sydney recorded a median price of $1,870,000 for houses sold at auction at the weekend which was higher than the $1,700,000 recorded over the previous weekend and 13.0% higher than the $1,655,500 recorded over the same weekend last year.

The Lower North recorded the highest regional clearance rate at the weekend at 75.6% followed closely by the North West 75.5% and City and East at 74.6%.

The Central Coast again reported the lowest clearance rate at 66.6%.

The clearance rate for houses was 69.5% with units higher this weekend at 75.2%.

Regional Sydney Aucton Clearance Rates Results

The top reported Sydney auction sale at the weekend was a 5-bedroom house at 30 Esther Rd Mosman that sold for $9,400,000.

View top selling home here 30 Esther Rd Mosman

The most affordable home reported sold at auction in Sydney at the weekend was a 2-bedroom unit at 5/60 Great Western Hwy Parramatta that sold for $470,000.

Top Sydney Aucton Results

Melbourne auction clearance results

Melbourne Auction Market Slightly Lower Following Holiday Weekend

Clearance rates were slightly lower in Melbourne following the markets resumption from last weekends Labour Day long weekend holiday, with auction numbers predictably soaring.

Melbourne recorded a clearance rate of 65.2% on Saturday which was lower than the 67.5% recorded over the previous weekend and also again slightly lower than the 67.2% recorded over the same weekend last year.

Melbourne Aucton Clearance Rates Results

1290 homes were reported listed over the holiday weekend which was predictably above the 359 auctioned over the previous holiday weekend and again well ahead of the 912 listed over the same weekend last year.

Melbourne recorded a median price of $1,125,000 for houses sold at auction at the weekend which was higher than the $900,000 reported over the previous weekend and 0.9% higher than the $1,115,000 recorded over the same weekend last year.

Melbourne’s Outer East again clearly reported the top regional clearance rate on Saturday with 73.3% followed by the Inner South at 66.0% and the North 65.2%.

The Inner City recorded the lowest regional rate at 61.9%.

The house clearance rate was 66.4% with units lower this weekend at 60.1%.

Regional Melbourne Aucton Clearance Rates Results

Melbourne’s top reported auction sale at the weekend was a 2-bedroom house at 119 Ashworth St Albert Park that sold for$6,850,000.

View top selling home here 119 Ashworth St Albert Park

The most affordable home reported sold at auction in Melbourne at the weekend was a 1-bedroom unit at 22/214 Kambrook Rd Caulfield that sold for $341,000.

Top Melbourne Aucton Results

Top Brisbane Auction Results

Top Brisbane Aucton Results

Top Adelaide Auction Results

Top Adelaide Aucton Results

Top Canberra Auction Results

Top Canberra Aucton Results

 

About Dr Andrew Wilson, Chief Economist of www.MyHousingMarket.com.au is widely regarded as Australia’s leading property economist.
29 comments

Hi Michael Thanks for posting another great article packed with detailed figures. The headline actually matches the data which is refreshing and unlike business news sections in major newspapers where alarming headline is half-backed by incomplete d ...Read full version

1 reply

MELBOURNE AUCTION GROUP My July and August auction bookings have skyrocketed compared to previous months and this time last year with auctions spilling over into Sunday. I am finding that 50% are selling on the day and prior and the balance are bein ...Read full version

1 reply

Hi Clearance rates seem great at the moment, but I live in the inner west of Sydney and know of a couple of properties that were pulled from auction for that weekend because of lack of interest and the offers prior to the auction date were very low ...Read full version

1 reply
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