Auction Clearance This Week 24 Sep 2023
Australian Auction Clearance This Week 24 Sep 2023 across major Australian cities showed promising results except WA. The market was influenced by a myriad of factors, including economic conditions, government policies, and even global events.
| CITY | TOTAL AUCTIONS | AUCTION RESULTS | SOLD PRIOR TO AUCTION | SOLD AT AUCTION | SOLD AFTER AUCTION | PASSED IN | WITHDRAWN | CLEARANCE RATE | CLEARED AUCTIONS | UNCLEARED AUCTIONS |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 | 976 | 773 | 313 | 255 | 6 | 99 | 100 | 74.30% | 574 | 199 |
| Melbourne | 1036 | 801 | 166 | 392 | 11 | 175 | 57 | 71% | 569 | 232 |
| Brisbane | 237 | 147 | 28 | 67 | 8 | 36 | 8 | 70.10% | 103 | 44 |
| Perth | 20 | 17 | 1 | 3 | NA | 8 | 5 | 23.50% | 4 | 13 |
| Canberra | 102 | 70 | 16 | 21 | 2 | 18 | 13 | 55.70% | 39 | 31 |
| Adelaide | 174 | 81 | 19 | 48 | 1 | 10 | 3 | 84% | 68 | 13 |
| Tasmania | 1 | 1 | NA | NA | NA | NA | 1 | 0% | NA | 1 |
| Combined Capitals* | 2546 | 1890 | 543 | 786 | 28 | 346 | 187 | 72.10% | 1357 | 533 |
Combined Capitals: A Comprehensive Overview
When we combine the numbers from all major capitals, a total of 2546 auctions took place, with 786 properties successfully changing hands. With a clearance rate of 72.1%, it’s evident that the Australian property market continues to be a hub of activity.
Sydney: A Resilient Market with a 74.3% Clearance Rate
Sydney, known for its bustling real estate scene, saw a total of 976 auctions this week. Of these, 574 properties were successfully cleared, either prior to, during, or after the auction. 255 properties were sold under the hammer, while 313 found buyers before the auction date. Additionally, 6 properties were sold post-auction, showcasing the persistence of the market.
However, not all properties met their mark, as 99 were passed in and 100 were withdrawn. Despite this, Sydney boasts a respectable 74.3% clearance rate, signifying a robust market where buyers and sellers continue to engage actively.
Melbourne: A Competitive Market with a 71% Clearance Rate
Melbourne, another major player in Australia’s property landscape, witnessed 1036 auctions this week. Out of these, 569 properties were successfully cleared, making it a competitive market for buyers and sellers alike. Melbourne experienced a healthy mix of sales, with 392 properties sold at auction and 166 sold prior to the auction date. Furthermore, 11 properties were successfully sold after the auction.
However, not all properties found their new owners, as 175 were passed in and 57 were withdrawn. Melbourne achieved a commendable 71% clearance rate, demonstrating the market’s ability to adapt and thrive even in uncertain times.
Brisbane: Steady Performance with a 70.1% Clearance Rate
Brisbane, the capital of Queensland, reported 237 auctions this week. Of these, 103 properties were successfully cleared, with 67 properties sold at auction and 28 sold before the scheduled date. The market also saw 8 properties changing hands after the auction.
While some properties faced challenges, with 36 being passed in and 8 withdrawn, Brisbane maintained a steady 70.1% clearance rate, indicating a resilient market that continues to attract buyers and sellers.
Perth: A Small Market with a 23.5% Clearance Rate
In Perth, Western Australia’s capital, only 20 auctions were conducted this week. Out of these, 4 properties were successfully cleared, with 3 sold at auction and 1 sold prior to the auction. Unfortunately, a significant number of properties faced difficulty in finding buyers, as 8 were passed in.
Perth’s clearance rate stands at 23.5%, highlighting the challenges faced by a smaller real estate market in comparison to its more populous counterparts.
Canberra: A Competitive Market with a 55.7% Clearance Rate
Canberra, the nation’s capital, held 102 auctions this week. Of these, 39 properties were successfully cleared, with 21 sold at auction and 16 sold prior to the auction date. However, the market also witnessed 18 properties being passed in and 13 being withdrawn.
Despite some hurdles, Canberra maintains a competitive clearance rate of 55.7%, indicating that buyers and sellers in the capital continue to actively participate in property transactions.
Adelaide: An Impressive 84% Clearance Rate
Adelaide, known for its affordability and lifestyle, reported 174 auctions this week. Impressively, 68 properties were successfully cleared, with 48 sold at auction and 19 sold prior to auction. Only 1 property was passed in, and 3 were withdrawn, showcasing a strong 84% clearance rate. The best results for Auction Clearance This week 24 Sep 2023 were again shown by the SA capital city.
Tasmania: A Modest Market with Minimal Activity
Tasmania reported only one auction this week, with no properties successfully cleared. While this may not be representative of the overall market trend, it indicates that the island state currently has minimal real estate activity.
National Auction Clearance This Week 24 Sep 2023
Reference: CoreLogic.
