Weekend auction summary: 27th October 2024
This past weekend saw one of the busiest periods for auctions across Australia’s capital cities, with over 3,000 homes going under the hammer, according to CoreLogic. The preliminary auction clearance rate was 66.8%, slightly down from last week’s 67.4%, which later revised to 58.2%, marking the lowest clearance rate of the year so far. This increase in activity echoes the high volumes seen earlier in the year, particularly in the week before Easter, when 3,519 auctions took place.
CoreLogic: capital city breakdown
- Melbourne led the capital cities, holding 1,603 auctions, making up 52% of all activity nationwide. The preliminary clearance rate came in at 68.5%, down from the previous week’s 69.2% (revised to 57.8%).
- Sydney hosted 987 auctions, the second-highest volume this spring season. However, the city saw a decline in its preliminary clearance rate, down to 64.5% from last week’s 70.5% (revised to 60.6%). This marks Sydney’s second-lowest clearance rate this year, with only the week ending 6th October faring worse (62.7%).
- In the smaller capitals, Brisbane led with 198 auctions, achieving a preliminary clearance rate of 58.3%. Adelaide recorded 191 auctions with a successful rate of 73.8%, while Canberra had 82 auctions and a clearance rate of 66.7%. Perth saw 14 auctions with 70% success, and Tasmania had just one auction.
Auction volumes are expected to drop next week, with around 2,000 auctions scheduled, but they are forecast to rise to 2,800 the following week.
Domain: auction data highlights
According to Domain, national clearance rates stood at 60.3% this week, a slight increase from last week’s 58.7%. Here’s a snapshot of this week’s key numbers:
- Sydney saw a clearance rate of 59.5% from 1,307 listed auctions, with 470 sales reported, generating $540.9 million. The median price for houses sold at auction was $1,735,000, while units fetched $1,062,500.
- Melbourne reported a 62.6% clearance rate from 1,782 auctions, with 796 sales and $596.8 million in total value. The auction median for houses was $1,080,000 and $666,000 for units.
This compares to last week, where Sydney had a higher clearance rate of 62.8% with a higher total value of $726.1 million. Melbourne, however, had a lower clearance rate of 59.6% but saw fewer auctions listed at 1,203.
Ray White: auction success
Ray White reported a successful auction weekend, booking 529 auctions nationwide with a clearance rate of 68%. Melbourne was the top-performing city for the group, boasting a 76% clearance rate. In Queensland, where it was both election day and auction day, Ray White saw a 74% clearance rate.
The most expensive sale for Ray White this weekend occurred in Perth, where 106 Burke Drive, Attadale, sold for $7.525 million. The buyers were a local family seeking a waterfront lifestyle. The auctions with the highest number of registered bidders were at 32 Westwood Boulevard in Ferryden Park, SA, and 17 Rainbow Place in St Clair, NSW, each attracting 15 bidders.
Ray White anticipates strong activity tomorrow, with a ‘renovate or detonate’ home at 19 Heapey Street, Blacktown expected to draw over 40 bidders. Marketing agent Josh Tesolin predicts it will be one of the top auctions of 2024.
Ray White’s data reveals that the group’s auctions this week sold 10.5% above the highest offers from the prior week and 2.9% above reserve prices. Across the country, Ray White agents met 24,539 groups at open homes, with the most popular being 79 Carey St, Bardon, which attracted 62 groups.
Looking Ahead
The auction landscape is set for a slight dip next week but will pick up momentum again, with around 2,800 auctions expected. As spring progresses, the market remains active, but clearance rates suggest a cautious buyer sentiment as interest rates and economic factors influence decisions.
