Despite the long ANZAC Day weekend, 1,813 homes went up for auction in the capitals combined this week, resulting in a preliminary clearance rate of 67.6%.
It followed last week’s 926 auctions, which marked the busiest Easter weekend on record, but fell slightly on the same weekend last year when 2,087 auctions took place in capitals combined.
“Of the 1,414 capital city results collected so far, 67.6% have been successful, which is the lowest preliminary resolution rate recorded so far this year,” CoreLogic Noted.
“The previous week saw a preliminary clearance rate of 73.3%, slipping to 62.4% on final figures – the lowest final clearance rate recorded all year, continuing the downward trend that we have observed over the past two months.”
At this time last year, the clearance rate was considerably higher in all capitals combined, at 77.2%.
There were 686 homes up for auction in Melbourne this week, up from 196 the previous week and 957 at this time last year.
Of the 561 results collected so far, 68.3% have been successful, compared to a final resolution rate of 64.3% the previous week and 75.5% at the same time last year.
Sydney hosted 721 auctions this week, up from 480 the previous week and 794 at this time last year.
The clearance rate has dropped week-on-week, with 64.5% of the 566 results collected so far reporting a positive result.
The previous week saw a preliminary clearance rate of 70.6%, which was revised down to 58.9% in final figures – the lowest clearance rate the city has seen since the week ending on January 23 (54.9%).
At this time last year, 79.3% of reported auctions were successful.
The small capitals
Among the small capitals, Adelaide recorded the highest preliminary award rate (80.4%), followed by Canberra (72.2%) and Brisbane (66.3%).
In Perth, 12 results have been collected so far, giving a resolution rate of 41.7%.
Adelaide was the busiest auction market this week with 162 homes auctioned across the city, followed by Brisbane (148).
Canberra hosted 80 auctions this week, while 15 auctions took place in Perth. There was only one auction in Tasmania this week.
Domain reported a nationwide clearance rate of 64% after tracking 1,460 auctions in major capitals over the weekend.
So far, results are known for 978 of those auctions, with 626 properties sold (worth $523.7 million), while 185 properties have been withdrawn.
Last week the clearance rate was 51.9% after just 137 auctions due to the Easter long weekend.
Results were provided for 79 of those auctions, with 41 properties sold (worth $30.5 million), while 20 properties withdrew.
At this time last year, 1690 properties were auctioned resulting in a clearance rate of 75.5%.
Results were provided for 1,637 of these auctions, with 1,236 properties sold (worth $1,495 million), while 171 properties withdrew.
Sydney’s preliminary clearance rate sits at 59.3% this week after 634 properties went up for auction.
So far, results have been provided for 430 of these auctions, with 255 properties sold (worth $248.4 million), while 129 properties have been withdrawn.
Last week, only 86 properties in Sydney were auctioned, resulting in a clearance rate of 54%.
Results were provided for 50 of those auctions, with 27 properties sold (worth $25.4 million), while 13 properties withdrew.
This time last year, Sydney’s clearance rate was 76.8% after 660 properties went up for auction.
Results were provided for 641 of those auctions, with 492 properties sold (worth $779.4 million), while 73 properties were withdrawn.
Melbourne’s preliminary clearance rate is 66.2% this week after 577 properties went up for auction.
Results were provided for 405 of these auctions, with 268 properties sold (worth $200.1 million), while 40 properties were withdrawn.
Melbourne’s clearance rate was 33.3 per cent last week after just 28 properties went up for auction. Results were provided for 15 of those auctions, with five properties sold (for $3.6 million), while five properties were also withdrawn.
This time last year, Melbourne’s clearance rate was 73.8% after 820 properties went up for auction.
Results were provided for 789 of those auctions, with 582 properties sold (worth $579.7 million), while 76 properties were withdrawn.
Ray White Results
On what would typically be a quiet Saturday in the auction arena, the Ray White Group reported that the long ANZAC Day weekend had generated unusually high auction volumes, high clearance rates and bidders arriving en masse across the country.
The group recorded an 80% domestic clearance rate on the day of the preliminary auction, which is a 4% increase from last year’s ANZAC Day on Saturday.
“It appeared that sellers and buyers could no longer postpone their transactions after Easter; the Ray White Group had 260 properties booked to go under the hammer today,” they said on Saturday.
“The resounding feedback from agents across the country was that the long weekend was a way to qualify serious buyers, who were ready and willing to bid strongly today, whether in person or over the phone.
“The city that stood out at the time was Sydney, which had a whopping 94% clearance rate citywide.
“The highest sale of the day was an architecturally significant Perth house at 181 Broome Street, Cottesloesold for $3.65 million and bought by next door neighbors.
Alex Pattaro, chief auctioneer for Ray White New South Wales, said it was evident on Saturday that there were plenty of opportunities for buyers and sellers around Sydney.
“Sellers can be fully confident that the prices they are getting in the current market are extremely high and in some cases significantly higher than 12 months ago,” Mr Pattaro said.
“Sellers must understand that they are selling and buying in the same market.
“If you’re selling a little less than expected, you’re likely to buy a little less than expected.”
Ray White Victoria and Tasmania CEO Stephen Dullens said the ANZAC Day long weekend certainly did not dampen buyer appetites in Melbourne, with 130 auctions scheduled for Victoria this weekend. end.
“Despite the troubled April, buyers weren’t letting these distractions get in the way of their property purchase.
“Long weekends normally mean a break in real estate activity, and that’s not something we saw this weekend,” Dullens said.
“Despite all the distractions in April and the upcoming federal election in May, this is not something buyers and sellers have let get in their way – in fact, we have a 15% bid of more expected this month than in April 2021.”
Ray White Queensland chief auctioneer Gavin Croft said there was substantial volume in Brisbane over the long weekend; he called himself 12 auctions on Saturday.
“We’re still seeing a lot of interstate buyers, but local families are also out in force and bidding heavily,” Croft said.
“We’re starting to see buyers bidding in a calmer way, rather than the frenzy of a few months ago.
“There’s no doubt buyers are doing their best, but they’re staying strong on their limits, which creates more balance.”
Ray White South Australia chief auctioneer John Morris said auction volume had dropped in Adelaide over the weekend.
“So far in April we’ve had an 81 per cent win rate with 7.2 registered bidders per auction and 95 per cent of all auctions have had bids,” Mr Morris said.
“We are sitting at 41.5% of the auction share in South Australia here at Ray White, which we are always very proud of.
“Bidder registrations are still strong, clearance rates are still high and we are still seeing many properties come to market,” Mr Morris said.