There were 921 properties taken to auction across the combined capital cities this weekend, considerably more than last weekend when 749 auctions were held, and much the same as the 925 auctions conducted this time last year.
The combined capital city preliminary auction clearance rate was recorded at 67.8% across 686 auction results reported so far, a bit weaker than last week’s preliminary result (72.7%) which later revised down to 65.5%.
Only seven of the thirtytwo properties listed for auction in Melbourne sold this weekend and there is no reason to expect a better result at least until the end of November.
This time last year saw a final national clearance rate of 70.5%.
The harbour city was host to 732 auctions this week, up from 601 auctions conducted over the previous weekend and much the same as the 744 Sydney properties put to auction this time last year.
Of the 545 Sydney auction results collected so far, 380 have returned a successful result, a sign of the firm Sydney auction market.
The preliminary auction clearance rate of 69.7% will be revised lower to around the mid 60%’s as the remaining auction results are collected.
Last week, a final clearance rate of 65.2% was recorded for Sydney, while one year ago, a very strong success rate of 74% was achieved across Sydney.
As you can see from the following chart provided by Dr. Andrew Wilson’s Auction Insider, Sydney’s inner west was the strongest performing region in terms of number of auctions held and the end results.
Realestate.com.au reported that there were also 1615 private sales in New South Wales this week, much the same as the number sold last week (1,609) and the 1,541 properties sold by private treaty the week before.
I’m surprised that any Melbourne auctions were conducted because of the lockdown. In fact, Melbourne auctions are likely to peter out over the next few months.
Not surprisingly 17 properties listed for auction were withdrawn this weekend.
Of the 28 Melbourne auctions reported so far, 7 were successful.
Last week only 4 of the 12 Melbourne auctions were successful.
Realestate.com.au reported that there were also 666 private sales in Victoria this week – an impressive number considering the lockdown, but fewer than than the number sold last week (711) and the 691 properties sold by private treaty the week before in the earlier stages of Melbourne’s lockdown.
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.
Obviously in this time of market flux these figures are really not a useful indicator of market trends as they once were.
Sydney real estate auction trends
The following chart from Dr Andrew Wilson shows Sydney’s auction market trend over this year.
Melbourne real estate auction trend
The following chart from Dr Andrew Wilson shows Melbourne’s auction market trend over this year.
Comments by Dr. Andrew Wilson
Dr. Wilson’s Auction Insider similarly reports a strong result for Sydney auctions..
Weekend home auction markets continue to provide positive results for most sellers with solid clearance rates from healthy listings.
And Sydney continues to strengthen with strong results from high listings
Even the Melbourne market reported a lift in listings this weekend despite continued tight restrictions – a glimmer of light at the end of the tunnel?
Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on
If you’re wondering what will happen to property in 2020–2021 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:
- 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
- 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.
- Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
- 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.
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.
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.