Auction Clearance This Week 05 NOV 2023
Saturday 04th Nov 2023 was another spectacular show of auctions all over Australia, with Adelaide leading the show. RBA will be sitting on 07th Nov 2023 to discuss the cash rate rise; which is inevitable. Buyers with approvals and access to funds were trying their best to secure the properties. The maximum number of properties on sales were in New South Wales where 1544 privates sales and 1108 properties were up for auction. Overall, South Australia produced the best results in Auction Clearance This Week 05 NOV 2023.
| CITY | TOTAL AUCTIONS | CORELOGIC AUCTION RESULTS | SOLD PRIOR TO AUCTION | SOLD AT AUCTION | SOLD AFTER AUCTION | PASSED IN | WITHDRAWN | CLEARANCE RATE | CLEARED AUCTIONS | UNCLEARED AUCTIONS |
|---|---|---|---|---|---|---|---|---|---|---|
| Sydney | 1065 | 842 | 305 | 289 | 11 | 100 | 137 | 71.9% | 605 | 237 |
| Melbourne | 453 | 362 | 62 | 151 | 7 | 116 | 26 | 60.8% | 220 | 142 |
| Brisbane | 150 | 102 | 23 | 46 | 1 | 23 | 9 | 68.6% | 70 | 32 |
| Perth | 18 | 8 | 1 | 2 | NA | 2 | 3 | 37.5% | 3 | 5 |
| Canberra | 144 | 96 | 23 | 42 | NA | 24 | 7 | 67.7% | 65 | 31 |
| Adelaide | 181 | 107 | 23 | 56 | 1 | 22 | 5 | 74.8% | 80 | 27 |
| Tasmania | 1 | 1 | NA | NA | NA | 1 | NA | 0% | NA | 1 |
| Combined Capitals* | 2012 | 1518 | 437 | 586 | 20 | 288 | 187 | 68.7% | 1043 | 475 |
Combined Capitals: A Holistic View
When we consider all the major cities together, often referred to as Combined Capitals, we see a total of 2012 auctions. Of these, 1518 properties found new owners, resulting in a combined clearance rate of 68.7%. This means that 1043 properties were successfully auctioned, while 475 remained uncleared.
Sydney: Leading the Way
Sydney, Australia’s largest and most populous city, consistently showcases robust auction activity. In a total of 1065 auctions, 842 properties were auctioned successfully, making for a substantial 71.9% clearance rate. This means that 605 properties found new owners, while 237 remained uncleared.
Melbourne: A Thriving Market
Melbourne, known for its vibrant real estate market, hosted 453 auctions. Of these, 362 properties found new owners, resulting in a clearance rate of 60.8%. Melbourne’s diverse property offerings make it an attractive destination for property enthusiasts.
Brisbane: A Growing Market
Brisbane conducted 150 auctions, with 102 properties successfully auctioned. The city boasts a 68.6% clearance rate, with 70 properties cleared and 32 remaining on the market. Brisbane’s market performance indicates a steady demand for properties in the region.
Perth: A Developing Scene
Perth had a total of 18 auctions, of which 8 properties found new owners. The city registered a 37.5% clearance rate, with 3 properties clearing and 5 yet to be sold. As Perth continues to grow, its real estate market holds potential for both buyers and sellers.
Canberra: Steady and Strong
Canberra displayed a solid performance, hosting 144 auctions. Of these, 96 properties were auctioned successfully, resulting in a clearance rate of 67.7%. This means that 65 properties found new owners, while 31 remained uncleared.
Adelaide: A Positive Outlook
Adelaide saw 181 auctions, with 107 properties successfully auctioned. Adelaide achieved a commendable 74.8% clearance rate, indicating a strong demand for properties in the region. A total of 80 properties found new owners, while 27 remained uncleared. Adelaide was the leader in Auction Clearance This Week 05 NOV 2023.
Tasmania: A Smaller Market
Tasmania conducted a single auction during the period, with 1 property finding a new owner. While this results in a 0% clearance rate, it’s important to note that Tasmania’s property market is considerably smaller than other major cities.
National Auction Clearance – Auction Clearance This Week 05 NOV 2023
NSW and VIC maintain their positions as real estate giants, while other states like Queensland and SA added more houses to the market. WA the private sales market, also had new properties listed for sales.
As buyers, sellers, and industry professionals navigate this ever-evolving landscape, staying informed about clearance rates and auction outcomes is crucial for making informed decisions in the real estate market.
Reference CoreLogic.
