This week’s property sales results across Australia were not as expected. With over 1700 properties up for sales in Victoria and 1358 of these were only in Melbourne. Once again Melbourne lead the auction clearance this week 29 Oct 2023 in total auctions across all capital cities. A lot of people have rushed to property auctions this week as coming Tuesday week RBA executive team will sit and decide the new cash rate.

CITY	TOTAL AUCTIONS	AUCTION RESULTS	SOLD PRIOR TO AUCTION	SOLD AT AUCTION	SOLD AFTER AUCTION	PASSED IN	WITHDRAWN	CLEARANCE RATE	CLEARED AUCTIONS	UNCLEARED AUCTIONS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	1086	830	279	302	7	128	114	70.8%	588	242
Melbourne	1703	1358	303	596	32	357	70	68.6%	931	427
Brisbane	238	163	35	61	NA	53	14	58.9%	96	67
Perth	15	12	1	5	NA	3	3	50%	6	6
Canberra	165	108	14	39	2	42	11	50.9%	55	53
Adelaide	173	101	23	62	1	10	5	85.2%	86	15
Tasmania	3	1	NA	NA	NA	1	NA	0%	NA	1
Combined Capitals*	3383	2573	655	1065	42	594	217	68.5%	1762	811

Combined Capitals:

When we consider the combined results from Australia’s capitals, we see a broader perspective. A total of 3383 auctions were held, with 2573 properties sold. Among these, 655 were sold before the auction, and 1065 at the auction. Impressively, 42 properties were sold after the auction, showcasing the strength of post-auction negotiations.

In contrast, 594 properties were passed in, and 217 were withdrawn. The combined capitals achieved a commendable clearance rate of 68.5%, clearing 1762 auctions while 811 remained uncleared.

Sydney: A Market Overview

Sydney, known for its vibrant real estate scene, saw a total of 1086 auctions this week. CoreLogic auction results indicate that 830 properties were sold. Interestingly, 279 properties found buyers prior to the auction, while 302 were successfully sold under the hammer. Additionally, 7 properties were sold after the auction, demonstrating the competitive nature of Sydney’s market.

However, it’s worth noting that 128 properties were passed in, and 114 were withdrawn. The city boasted a commendable clearance rate of 70.8%, with 588 auctions cleared and 242 uncleared.

Melbourne: A Hub of Real Estate Activity This Week

Melbourne, another major player in the Australian property market, hosted 1703 auctions. CoreLogic’s data reveals that 1358 properties were sold, with 303 selling prior to the auction and 596 at the auction itself. Moreover, 32 properties changed hands after the auction, indicating that Melbourne’s market is bustling with post-auction negotiations.

On the flip side, 357 properties were passed in, and 70 were withdrawn. Melbourne maintained a solid clearance rate of 68.6%, clearing 931 auctions while 427 remained uncleared.

Brisbane: A Glimpse into Queensland

Queensland’s capital, Brisbane, featured 238 auctions this week. Of these, 163 properties were successfully sold, with 35 sold before the auction and 61 at the auction. However, specific data on properties sold after the auction is not available.

The market saw 53 properties passed in and 14 withdrawn, resulting in a clearance rate of 58.9%. A total of 96 auctions were cleared, while 67 remained uncleared.

Perth: Western Australia’s Scenario

Western Australia’s real estate scene had 15 auctions this week. CoreLogic’s data indicates that 12 properties were sold, with 1 property sold before the auction and 5 at the auction. Unfortunately, specific data regarding properties sold after the auction is unavailable.

The market saw 3 properties passed in, and 3 were withdrawn, resulting in a 50% clearance rate. A total of 6 auctions were cleared, with 6 remaining uncleared.

Canberra: The Capital’s Real Estate Market

Canberra, the political heart of Australia, hosted 165 auctions. Among these, 108 properties were successfully sold, with 14 properties sold prior to the auction and 39 at the auction. An additional 2 properties were sold after the auction, highlighting the market’s versatility.

The market also saw 42 properties passed in and 11 withdrawn. The clearance rate stood at 50.9%, with 55 auctions cleared and 53 uncleared.

Adelaide: South Australia’s Market

Adelaide, a city known for its laid-back charm, featured 173 auctions this week. Of these, 101 properties were successfully sold, with 23 sold before the auction and 62 at the auction. Only 1 property was sold after the auction.

Impressively, only 10 properties were passed in, and 5 were withdrawn, resulting in a remarkable clearance rate of 85.2%. A total of 86 auctions were cleared, while 15 remained uncleared.

Tasmania: A Unique Market

The picturesque island state of Tasmania had 3 auctions this week. While specific data on properties sold is not available, 1 property was passed in, and 1 was withdrawn. Unfortunately, Tasmania recorded a 0% clearance rate, with no auctions cleared and 1 uncleared.

National Auction Clearance This Week 29 OCT 2023

Sydney and Melbourne maintain their positions as real estate giants, while other cities like Brisbane and Adelaide demonstrate their unique market dynamics. Tasmania, with its 0% clearance rate, presents a distinctive scenario.

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.

Q’s

1. What is a clearance rate in real estate?

• A clearance rate in real estate indicates the percentage of properties that were successfully sold at an auction or within a specific timeframe.

2. Why are post-auction negotiations significant?

• Post-auction negotiations can lead to successful property sales, as they provide an opportunity for buyers and sellers to reach mutually beneficial agreements.

3. What factors contribute to variations in clearance rates across cities?

• Clearance rates can vary due to factors such as local demand, property supply, economic conditions, and buyer sentiment.

4. How do withdrawn properties affect clearance rates?

• Withdrawn properties are typically not included in the calculation of clearance rates, as they did not proceed to a sale.

5. Why is it important to monitor property sales results?

• Monitoring property sales results helps individuals make informed decisions when buying or selling real estate, as it provides insights into market trends and conditions.