This weekend’s auction results Saturday December 19th – Auction clearance rates end year strongly

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%.

Auction results

At the same time Sydney is also setting itself up for a property boom in 2021 with back to back strong results.

When auction clearance rates regularly remain near 80% it means there are more buyers than sellers in the market and this eventually leads to higher property prices.

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.

Sydney:

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.

 

Sydney Weekend

Real Time Sydney

 

 

Melbourne:

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.

Melbourne Weekend

 

The following chart from Dr Andrew Wilson shows that the number of Melbourne property transactions are steadily increasing but still below pre Covid levels.

Real Time Melbourne

 

 

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

Auction Clearance Rates Melbourne Sydney Brisbane Adelaide Canberra

 

 

Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on

Metropole

If you’re wondering what will happen to property in 2021 you are not alone.

You can trust the team at Metropole to provide you with direction, guidance and results.

In challenging times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s what you exactly what you get from the multi award winning team at Metropole.

If you’re looking at buying your next home or investment property here’s 4 ways we can help you:

  1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now!  This will give you direction, results and more certainty. Click here to learn more
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
  4. Property Management – Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.

NOW READ:

Coronavirus crisis: I have no idea what will happen to property prices!

Brisbane property market – how will Coronavirus affect it?

 

 

icon-podcast-large

Subscribe & don’t miss a single episode of Michael Yardney’s podcast

Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.

Need help listening to Michael Yardney’s podcast from your phone or tablet?

We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.

icon-email-large

Prefer to subscribe via email?

Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.


Michael Yardney

About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media. Visit Metropole.com.au


'This weekend’s auction results Saturday December 19th – Auction clearance rates end year strongly' have 18 comments

    Avatar

    July 21, 2020 Michael

    Do you know where the final auction results are published. I can only find the totally misleading preliminary results.

    Reply

      Michael Yardney

      July 21, 2020 Michael Yardney

      The final results are published on both Domain’s and realestate.com.au websites on a Thurday

      Reply

    Avatar

    May 31, 2020 James

    Hi Michael, can you help explain the preliminary auction clearance rates that get reported by Domain each week?

    Using Sydney’s figures as an example.

    Total 367
    Confirmed: 219
    Sold: 166
    Withdrawn: 49
    Passed In: 53
    65% from (166/[166+49+53]) or 166/268 = 61.9%

    I understand how the % has been calculated but what happened to the other 99 properties? It’s almost 30% of the results not being reported?

    Then looking back at Domains previous weeks they are the same
    23rd May – The results say 67% but missing 60 (24%) of the results
    16th May – 75% but missing 58 (38%) of the results
    09th May – 68% but missing 49 (34%) of the results

    When do the figures catch up and are no longer ‘preliminary’ results?

    If 30-40% of the results are never included, whats the point of tracking it?

    Reply

      Michael Yardney

      June 1, 2020 Michael Yardney

      You are right James and that’s why these are marked as preliminary auction results and final auction results are released on Thursday each week when many of the unreported sales are taken into account.
      That’s why I have suggested in my commentary that auction clearances will end up significantly lower than those initially reported

      Reply

    Avatar

    March 1, 2020 Steve

    Hi Michael,
    I have a Sydney investment property on the Northern Beaches worth approx $2M, with $1M in equity. Am i better off to sell it and use the $1M of equity to buy multiple properties in other states / locations to diversify, spread risk and increase the chances of capital growth and cash flow?
    I already have another Sydney investment property worth similar, so pay a hefty land tax bill every year.
    Regards
    Steve

    Reply

      Michael Yardney

      March 1, 2020 Michael Yardney

      I understand your concern, no one likes paying land tax, it is a wealth tax but it is also necessary part of becoming wealthy through Real Estate. You should see my land tax bill:-)

      I can’t answer your question without a lot more information, but this is exactly what we do as part of our modelling when we build a Strategic Property Portfolio plan for our clients. It takes into account your time frames, the capital growth of your current property, the potential capital growth of other properties, the costs involved in buying and selling and over what time period you would make a bigger profit. You can read more about our service here. Why not book in for a time delivers build a Strategic plan for you plan for you

      Reply

    Avatar

    December 16, 2019 Cheshire Fili

    Hi Michael, what are your thoughts on Dualdwelling properties and the rental guarantees that some agencies offer. pros and cons pls.
    Thanks in advance

    Reply

      Michael Yardney

      December 16, 2019 Michael Yardney

      Steer clear of them they must be terrible investments for the developer to nee dto offer you this type of incentive.
      There is SO much written about this on the internet – I’ll do an article on this as well – but I’m glad you asked – don’t even consider either

      Reply

    Avatar

    November 24, 2019 Raj

    Hi Michael, would you help people from NZ to invest in the residential property or your services are only limited to Australians?
    Thanks Raj.

    Reply

      Michael Yardney

      November 24, 2019 Michael Yardney

      Raj

      Yes we help New Zealanders and we understand the special regulations that pertain to them – we’d love to help you – please leave your details here

      Reply

    Avatar

    October 7, 2019 Shirley Lee

    Hi Michael
    Thank you very much for your insight!
    I am looking for an apartment in Clayton for investment with a budget of $550,000. I plan to rent it to the students in Monash University. Do you consider it as a good investment?
    Please give me some comments!
    Shirley

    Reply

      Michael Yardney

      October 7, 2019 Michael Yardney

      Shirley – Clayton is not on my radar and students are not the best tenants – that’s a good budget – you could do a lot better

      Reply

    Avatar

    September 29, 2019 Trish Walls

    Are there any statistics collected or reported for the Gold Coast anywhere?

    Reply

    Avatar

    September 2, 2019 Jeff Wright

    Thank you for this regular information re Auctions and auction clearance rates.
    But why do you continually leave Perth out !?

    Reply

      Michael Yardney

      September 2, 2019 Michael Yardney

      Jeff becuase of the very few auctions occuring in perth – the main providers of statistics don’t report Perth auctions

      Reply

        Avatar

        February 2, 2020 Jason

        HI Michael,
        With a total purchase of $3 million in Sydney, how many properties would you recommend with this budget and purchase for each (ie $1 million each for 3) and would you stick to apartments only?
        Thank you

        Reply

          Michael Yardney

          February 2, 2020 Michael Yardney

          Jason. It really depends on your circumstances, your investment goals etc. At that budget you couldmeither buy a block of apartments or 2 houses

          Reply


Would you like to share your thoughts?

Your email address will not be published.
CAPTCHA Image

*


Copyright © Michael Yardney’s Property Investment Update Important Information
Content Marketing by GridConcepts