Auction Clearance This Week 30 Sep 2023

With summer knocking the doors in Australia, the Auction Clearance This Week 30 Sep 2023 across major Australian cities showed promising results except NT. The market was influenced by a myriad of factors, including economic conditions, government policies, and even global events. The real estate market has become a topic of intense interest and scrutiny.

CITY	TOTAL AUCTIONS	AUCTION RESULTS	SOLD PRIOR TO AUCTION	SOLD AT AUCTION	SOLD AFTER AUCTION	PASSED IN	WITHDRAWN	CLEARANCE RATE	CLEARED AUCTIONS	UNCLEARED AUCTIONS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	714	711	225	219	11	161	95	64%	455	256
MELBOURNE	203	203	40	85	10	48	20	66.5%	135	68
BRISBANE	109	109	21	46	2	32	8	63.3%	69	40
PERTH	15	15	1	6	NA	7	1	46.7%	7	8
CANBERRA	72	72	13	28	1	23	7	58.3%	42	30
ADELAIDE	83	83	9	48	3	19	4	72.3%	60	23
TASMANIA	2	2	NA	2	NA	NA	NA	100%	2	NA
COMBINED CAPITALS*	1198	1195	309	434	27	290	135	64.4%	770	425

Combined Capitals: Resilient 72.1% Auction Clearance This Week 30 Sep 2023

The combined data from these major Australian cities, a total of 2546 auctions were conducted. Out of these, 72.1% resulted in successful sales, with 786 properties sold at auction, 543 sold prior, and 28 sold post-auction. Nevertheless, 346 properties were passed in, and 187 were withdrawn.

Sydney: A Strong 74.3% Clearance Rate

Sydney, Australia’s largest and most competitive property market, hosted a staggering 976 auctions. Impressively, 74.3% of these auctions resulted in successful sales. This includes 255 properties sold at the auction, 313 sold prior, and 6 sold post-auction. However, not all properties found buyers, with 99 being passed in and 100 withdrawn.

Melbourne: A Competitive Market with 71% Clearance Rate

Melbourne, another heavyweight in the real estate arena, saw 1036 auctions. Of these, 71% led to successful sales, including 392 sold at auction, 166 sold prior, and 11 sold post-auction. Nevertheless, 175 properties were passed in, and 57 were withdrawn, highlighting the competitive nature of the market.

Brisbane: Steady Performance at 70.1% Clearance Rate

Brisbane, the capital of Queensland, held 237 auctions and achieved a steady clearance rate of 70.1%. This included 67 properties sold at auction, 28 sold prior, and 8 sold post-auction. Some challenges were observed, as 36 properties were passed in and 8 were withdrawn.

Perth: A Smaller Market with a 23.5% Clearance Rate

Western Australia’s capital, Perth, had 20 auctions with a clearance rate of 23.5%. Only 3 properties were sold at auction, 1 prior, and 1 after the auction. The market witnessed 8 properties being passed in, emphasizing the challenges faced by smaller markets.

Canberra: A Competitive 55.7% Clearance Rate

Canberra, the nation’s capital, hosted 102 auctions, achieving a competitive clearance rate of 55.7%. This included 21 properties sold at auction, 16 sold prior, and 2 sold post-auction. The market also witnessed 18 properties being passed in and 13 being withdrawn.

Adelaide: Impressive 84% Auction Clearance

Adelaide reported 174 auctions with an impressive 84% clearance rate. This indicates a strong market with 48 properties sold at auction, 19 sold prior, and 1 sold post-auction. Only 1 property was passed in, and 3 were withdrawn, highlighting a robust demand for properties in Adelaide.

Tasmania: Minimal Activity

Tasmania reported just one auction, which resulted in an uncleared property. While this data may not be representative of the overall market trend, it signifies limited real estate activity in the island state.

National Auction Clearance This Week 30 Sep 2023

Reference CoreLogic.