Auction Clearance This Week 16 Sep 2023
The real estate market in Australia has always been a subject of interest and speculation. For prospective buyers and sellers, keeping an eye on auction clearance rates can provide valuable insights into the current state of the market. Auction Clearance This Week 16 Sep 2023 brought a mixed bag of results across various Australian cities, as seen in the table below:
| 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TOTAL AUCTIONS | CORELOGIC AUCTION RESULTS | SOLD PRIOR TO AUCTION | SOLD AT AUCTION | SOLD AFTER AUCTION | PASSED IN | WITHDRAWN | CLEARANCE RATE | CLEARED AUCTIONS | UNCLEARED AUCTIONS |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 | 941 | 748 | 289 | 244 | 9 | 88 | 118 | 72.5% | 542 | 206 |
| Melbourne | 982 | 789 | 157 | 382 | 10 | 203 | 37 | 69.6% | 549 | 240 |
| Brisbane | 173 | 133 | 28 | 57 | 1 | 39 | 8 | 64.7% | 86 | 47 |
| Perth | 13 | 4 | NA | 1 | NA | 2 | 1 | 25% | 1 | 3 |
| Canberra | 102 | 79 | 10 | 29 | 1 | 25 | 14 | 50.6% | 40 | 39 |
| Adelaide | 123 | 68 | 5 | 52 | NA | 5 | 6 | 83.8% | 57 | 11 |
| Tasmania | NA | NA | NA | NA | NA | NA | NA | 0% | NA | NA |
Note: NA denotes data not available for certain categories.
Combined Capitals: A Comprehensive Overview
When we combine the numbers from all major capitals, a total of 2334 auctions took place, with 765 properties successfully changing hands. With a clearance rate of 70.1%, it’s evident that the Australian property market continues to be a hub of activity. But what’s the bigger picture? We’ll provide a comprehensive overview.
Table of Contents
Sydney: A Resilient Market
Sydney continues to be a robust real estate market, with a substantial total of 941 auctions this week. The clearance rate stands at 72.5%, indicating a healthy level of demand. Interestingly, a significant number of properties were sold prior to auction, highlighting the eagerness of buyers in this city. While there were 244 properties sold at auction, a notable 88 properties were passed in, showcasing the diversity in buyer-seller negotiations.
Melbourne: Balanced But Competitive
Melbourne, Australia’s second-largest city, witnessed 982 auctions this week. The clearance rate of 69.6% suggests a reasonably competitive market. With 382 properties sold at auction, Melbourne’s auctioneers have had a busy week. It’s worth noting that 203 properties were passed in, indicating that buyers and sellers are sometimes struggling to meet each other’s expectations.
Brisbane: Steady Performance
Brisbane has shown a steady performance with a clearance rate of 64.7%. Of the 173 auctions held, 57 properties were successfully sold at auction, while 28 were sold prior to the auction. The city seems to be striking a balance between pre-auction sales and auctions themselves.
Perth: A Smaller Market
Perth, with only 13 auctions this week, has a much smaller market compared to the eastern cities. The clearance rate of 25% suggests that buyers have a bit more room to negotiate in this market. However, it’s essential to remember that Perth often exhibits different trends compared to the larger eastern cities due to varying economic factors.
Canberra: A Competitive Arena
Canberra’s clearance rate of 50.6% indicates a fairly competitive market, and 29 properties were successfully sold at auction. It’s interesting to see a relatively high number of properties withdrawn, which might reflect sellers’ hesitancy or market uncertainties.
Adelaide: Strong Buyer Demand, Best Auction Clearance Capital
Adelaide shines with an impressive clearance rate of 83.8%. With 52 properties sold at auction and a total of 68 cleared auctions, the city seems to be experiencing strong buyer demand. However, the data also reveals that some properties were passed in, highlighting the importance of setting realistic price expectations.
Tasmania: Data Unavailable
Unfortunately, data for Tasmania is not available this week, making it challenging to gauge the performance of the real estate market in this region.
In conclusion, the auction clearance rates for the week ending on September 16, 2023, vary across Australian cities. Sydney and Adelaide continue to demonstrate robust demand, while Melbourne and Brisbane maintain steady performances. Perth remains a smaller, more negotiable market, and Canberra is competitive with some seller hesitancy. Tasmania’s data remains elusive, leaving room for speculation.
National Auction Clearance This Week 16 Sep 2023
Reference: CoreLogic.
