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’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69 properties that were planned to be auctioned this weekend were withdrawn from sale.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:
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.
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:
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.
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.
The following charts from NAB and Corelogic also shows the long-term auction clearance rate trend for our combined capital cities.
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