Auction clearance rates are ending the year solidly despite significantly more properties being taken to auction and looming concerns about Covid 19 resurfacing.
They are a sign of the strength and depth of our property markets.
This weekend 1,602 properties were put to auction nationally compared to 2084 last weekend – but that’s not unexpected being less than one week out from Christmas.
All our capital cities delivered strong auction clearance rates with Canberra being the stand out performer with a preliminary auction clearance rate of 85%.
At the same time Sydney is also setting itself up for a property boom in 2021 with back to back strong results.
Today’s combined capital city preliminary auction clearance rate was recorded at 75.3% across 1230 auction results reported so far, much the same as last week’s preliminary result (74.5%) which was later revised down to 69.7%.
This time last year saw a final national clearance rate of 59.6% when only 617 properties were taken to auction.
The harbour city was host to 566 auctions this weekend, significantly less than last week (872.)
This time last year only 163 Sydney properties were put to auction the weekend before Christmas.
Of the 431 Sydney auction results collected so far, 323 have returned a successful result, a sign of the firm Sydney auction market.
The preliminary auction clearance rate of 74.9% will be revised lower to around the low 70%’s as the remaining auction results are collected.
Last week, a final clearance rate of 72.5% was recorded for Sydney, while one year ago, a lower success rate of 66.9% was achieved across Sydney.
Realestate.com.au reported that there were also 1,928 private sales in New South Wales this week, significantly more than the number sold last week (1,838) and the 1,728 properties sold by private treaty the week before. Again a sign of the strength of the Sydney property market.
The following chart from Dr Andrew Wilson shows Sydney’s auction market trend over the last 2 years.
The following chart from Dr Andrew Wilson shows that the number of Sydney property transactions are almost back to pre Covid levels.
In Melbourne, 864 properties were scheduled for auction this week, significantly less than last week (981.)
This time last year only 363 Melbourne properties were put to auction the weekend before Christmas.
Of the 675 Melbourne auctions reported so far, 511 were successful sold.
The preliminary auction clearance rate of 75.7% will be revised lower to around the low 70%’s as the remaining auction results are collected.
Last week, a final clearance rate of 67.7% was recorded for Melbourne, while one year ago, a strong success rate of 61.7% was achieved across Melbourne.
Realestate.com.au reported that there were also 1579 private sales in Victoria this week, many more than the number of properties sold in Melbourne in the previous week (1414)
The following chart from Dr Andrew Wilson shows Melbourne’s auction market trend over this year.
The following chart from Dr Andrew Wilson shows that the number of Melbourne property transactions are steadily increasing but still below pre Covid levels.
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
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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