Auction Clearance This Week 22 OCT 2023
The Australian real estate market continues to buzz with activity, with most of the auctions held in Melbourne. Melbourne lead the auction clearance this week 22 Oct 2023 in total auctions across all capital cities. The buyers were out in October before the Melbourne racing cup and Christmas holidays. Buyers are enjoying the warm weather and fully utilizing their last chance to snap a property before RBA raises interest rates in Nov 2023.
| CITY | TOTAL AUCTIONS | AUCTION RESULTS | SOLD PRIOR TO AUCTION | SOLD AT AUCTION | SOLD AFTER AUCTION | PASSED IN | WITHDRAWN | CLEARANCE RATE | CLEARED AUCTIONS | UNCLEARED AUCTIONS |
| Sydney | 896 | 704 | 246 | 272 | 5 | 90 | 91 | 74.3% | 523 | 181 |
| Melbourne | 1105 | 846 | 179 | 397 | 12 | 203 | 55 | 69.5% | 588 | 258 |
| Brisbane | 167 | 124 | 29 | 51 | 2 | 32 | 10 | 66.1% | 82 | 42 |
| Perth | 16 | 9 | 1 | 3 | NA | 4 | 1 | 44.4% | 4 | 5 |
| Canberra | 81 | 60 | 13 | 19 | NA | 15 | 13 | 53.3% | 32 | 28 |
| Adelaide | 173 | 107 | 24 | 66 | 1 | 8 | 8 | 85.1% | 91 | 16 |
| Tasmania | 1 | NA | NA | NA | NA | NA | NA | 0% | NA | NA |
| Combined Capitals* | 2439 | 1850 | 492 | 808 | 20 | 352 | 178 | 71.4% | 1320 | 530 |
Combined Capitals
When we combine the results from all capital cities, we see a comprehensive picture of the Australian real estate market. With 2439 total auctions held, 1850 results were reported. The combined clearance rate for these capital cities reached 71.4%, indicating the overall health and vitality of the property market across the nation.
Sydney
In Sydney, a bustling real estate scene saw a total of 896 auctions, with 704 results reported. Of these, 523 auctions were cleared, resulting in a commendable clearance rate of 74.3%. A significant number of properties were sold either prior to the auction (246) or at the auction (272), emphasizing the strong demand in the city’s housing market.
Melbourne – Leader Auction Clearance This Week 22 OCT 2023
Melbourne, Australia’s second-largest city, hosted a remarkable 1105 auctions this week. Out of 846 results reported, 588 properties were successfully cleared, resulting in a clearance rate of 69.5%. With 179 properties sold prior to the auction and 397 sold under the hammer, Melbourne’s real estate market showcased resilience and buoyancy.
Brisbane
Brisbane, often celebrated for its enviable lifestyle, featured 167 auctions with 124 results reported. A clearance rate of 66.1% was achieved, with 82 auctions being successfully cleared. A total of 29 properties were snapped up before the auction, while 51 were sold under the hammer, affirming the strength of Brisbane’s property market.
Perth
In the scenic city of Perth, 16 auctions took place, with 9 results reported. A clearance rate of 44.4% reflects the mixed dynamics in Perth’s real estate market. While 3 properties were sold at auction and 1 prior to the auction, it’s important to note that the city has room for growth.
Canberra
Canberra, the political heart of Australia, experienced 81 auctions with 60 results reported. A clearance rate of 53.3% reflects the diverse nature of the city’s real estate landscape. With 13 properties sold prior to the auction and 19 at auction, it’s evident that the market caters to a mix of buying preferences.
Adelaide
Adelaide showcased its real estate prowess with 173 auctions, and out of 107 results reported, an impressive 85.1% were cleared. The city’s housing market appears robust, with 24 properties sold prior to auction and 66 at the auction, further highlighting buyer interest in this charming Australian city.
Tasmania
The island state of Tasmania reported a single auction for the week, and as such, no specific auction results were available. The real estate activity in Tasmania remains a unique and individual market, reflecting the state’s distinct character.
The statistics highlight the resilience of the Australian real estate market, with a substantial number of properties cleared across various cities. While clearance rates vary from city to city, it’s evident that the appetite for property ownership remains strong. The real estate sector in Australia continues to offer opportunities for both buyers and sellers, and the market’s adaptability is a testament to its enduring appeal.
National Auction Clearance
Reference – CoreLogic.
