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Auction clearance results March 2nd – More Solid Auction Results Generally to Start Autumn - featured image
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Auction clearance results March 2nd – More Solid Auction Results Generally to Start Autumn

key takeaways

Key takeaways

Auction results remained generally encouraging for sellers despite another relatively big day of auctions to commence Autumn.  

Adelaide had the strongest auction clearance rate of 76.2%.

Auction clearance results for the other capitals were:- Melbourne - 65.4%; Brisbane - 68.3%; Sydney - 74.9% and Canberra - 63.3%.

The national auction market reported a clearance rate of 69.6% at the weekend which was similar to the 69.1% reported over the previous weekend –and the 69.1% recorded over the same weekend last year.

National auction numbers however were lower than last weekend’s extraordinary results, with 2261 listings compared to the previous weekend’s 2556, but still significantly above the 1682 listed over the previous weekend.

Weekend auction markets remain resilient and generally robust despite another weekend of high auction numbers to officially commence the autumn selling season.

Auction results remained generally encouraging for sellers despite another relatively big day of auctions to commence Autumn.

Auction results around Australia, Saturday March 2nd 2024:

Capital City This Saturday Last Saturday
Auctions Rate Auctions Rate
Sydney 851 74.9% 1004 73.7%
Melbourne 114 65.4% 1263 68.5%
Brisbane 77 68.3% 102 59.5%
Adelaide 102 76.2% 108 81.2%
Canberra 87 63.3% 79 62.5%

The national auction market reported a clearance rate of 69.6% at the weekend which was similar to the 69.1% reported over the previous weekend –and the 69.1% recorded over the same weekend last year.

National Auction Clearance Trend

National auction numbers however were lower than last weekend’s extraordinary results, with 2261 listings compared to the previous weekend’s 2556, but still significantly above the 1682 listed over the previous weekend.

National Auction Listing Trend

Weekend auction markets remain resilient and generally robust despite another weekend of high auction numbers to officially commence the autumn selling season.

Sydney auction clearance results

Heady Sydney Market Strengthens as Autumn Begins

The Sydney auction market reported a higher clearance rate at the weekend despite another heady day of auctions to commence Autumn.

Sydney Auction Clearance Results

Sydney recorded a robust clearance rate of 74.9% at the weekend which was higher than the 73.7% recorded over the previous weekend and also well ahead of the 70.8% recorded over the same weekend last year.

Saturday auction numbers were again high at the weekend with 851 listed versus the 1004 auctioned over the previous weekend, and remained significantly above the 674 listed over the same weekend last year.

Sydney recorded a median price of $1,786,500 for houses sold at auction at the weekend which was similar to the $1,788,000 recorded over the previous weekend but 5.4% higher than the $1,695,000 recorded over the same weekend last year.

The Lower North again recorded the highest regional clearance rate at the weekend at 82.7% followed by the Inner West 77.2%, and the South and City and East each at 76.7%.

The Central Coast again reported the lowest clearance rate at 64.9%.

The clearance rate for houses was 76.0% with units lower this weekend at 73.9%.

Regional Sydney Auction Clearance Results

The top reported Sydney auction sale at the weekend was a 4-bedroom house at 25 Coolawin Rd Northbridge that sold for $11,950,000.

View top selling home here 25 Coolawin Rd Northbridge

The most affordable home reported sold at auction in Sydney at the weekend was a 2-bedroom unit at 9/5 Phillip St Roselands that sold for $431,000.

Top Sydney Auction Results

Melbourne auction clearance results

Melbourne Auction Market Lower from Another Surge in Listings

Clearance rates were lower in Melbourne to begin the autumn selling season but the local market hosted another big day of auctions prior to the long weekend holiday.

Melbourne recorded a clearance rate of 65.4% on Saturday which was lower than the 68.5% recorded over the previous weekend and again lower than the 70.7% recorded over the same weekend last year.

Melbourne Auction Clearance Results

1144 homes were reported listed over the weekend which was below the remarkable 1263 auctioned over the previous weekend but again well ahead of the 795 listed over the same weekend last year.

Melbourne recorded a median price of $1,118,750 for houses sold at auction at the weekend which was lower than the $1,160,000 reported over the previous weekend but 7.6% higher than the $1,040,000 recorded over the same weekend last year.

Melbourne’s Outer East reported the top regional clearance rate on Saturday with 77.3% followed by the North at 71.0% and the North East 68.6% .

The South East again recorded the lowest regional rate at 54.4%.

The house clearance rate was 65.6% with units lower this weekend at 64.4%.

Regional Melbourne Auction Clearance Results

Melbourne’s top reported auction sale at the weekend was a 6-bedroom house at 24 The Ridge Canterbury that sold for $7,500,000.

View top selling home here 24 The Ridge Canterbury

The most affordable home reported sold at auction in Melbourne at the weekend was a 1-bedroom unit at 13/31 Ridley St Albion that sold for $195,000.

Top Melbourne Auction Results

Top Brisbane Auction Results

Top Brisbane Auction Results

Top Adelaide Auction Results

Top Adelaide Auction Results

 

Top Canberra Auction Results

Top Canberra Auction 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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