Our auction markets are going from strength to strength.
Today’s combined capital city preliminary auction clearance rate was recorded at 75.1% across 985 auction results reported so far, a little higher than last week’s preliminary result (70.4%) which later revised down to 68.2%.
This time last year saw a final national clearance rate of 66.4% when 1145 properties were taken to auction.
The harbour city was host to 768 auctions this weekend, considerably more than last week when 638 auctions were conducted and even more than the 699 Sydney properties put to auction this time last year.
Of the 539 Sydney auction results collected so far, 417 have returned a successful result, a sign of the firm Sydney auction market.
The preliminary auction clearance rate of 77.4% will be revised lower to around the low 70%’s as the remaining auction results are collected.
Last week, a final clearance rate of 72.9% was recorded for Sydney, while one year ago, a similar strong success rate of 72.6% was achieved across Sydney.
Realestate.com.au reported that there were also 1,724 private sales in New South Wales this week, a few more than the number sold last week (1,673) and considerably more than the 1,597 properties sold by private treaty the week before.
The following chart from Dr Andrew Wilson shows Sydney’s auction market trend over this year.
In Melbourne, 395 properties were scheduled for auction this week, obviously very different to the number of properties that would normally be taken to auction if Melbourne were not working its way out of lockdown.
And many of these were online auctions as open air auctions are just getting going again in Melbourne.
This significantly more than the 301 of auctions that were conducted in Melbourne a week ago and, moving forward, we’ll see more auctions each weekend.
Not surprisingly 34 properties listed for auction were withdrawn this weekend.
Of the 306 Melbourne auctions reported so far, 226 were successful.
Last week 151 of the 301 Melbourne auctions were successful.
Realestate.com.au reported that there were also 1345 private sales in Victoria this week – a sign of the pent up demand in Melbourne. Significantly more properties sold in Melbourne last week than than in the previous week (904) and the 1025 properties sold by private treaty the week before.
The following chart from Dr Andrew Wilson shows Melbourne’s auction market trend over this year as well as the trend for private sales.
Here are the preliminary auction clearance rates as reported by Domain
As always these will be lower by mid week when the auction results that are not yet reported are taken into account.
Clearly all the auction markets around Australia were strong this weekend
Comments by Dr. Andrew Wilson
Auction markets end October with no sign of slowing down
Sydney closing in on boom mode – Strong clearance rates from high listings
Melbourne now clearly up and about following recent significant easing of restrictions
Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on
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