Auction Clearance This Week 19 August 2023
In the ever-fluctuating landscape of the Australian real estate market, understanding the nuances of auction clearances is paramount. These figures not only reflect the pulse of property sales but also serve as a crucial barometer for gauging market health and investor sentiment. In this comprehensive article, we delve into the recent auction clearance rates across major cities like Sydney, Melbourne, Brisbane, Perth, Canberra, Adelaide, and more. By analyzing these statistics, we aim to provide you with valuable insights into the real estate trends that can influence your buying or selling decisions.
Sydney Auction Clearance Insights
Sydney, being a real estate powerhouse, witnessed a total of 765 auctions. CoreLogic auction results indicated that out of these, 227 properties were sold prior to auction, showcasing a proactive approach among buyers. Furthermore, 279 properties successfully changed hands through the auction process, while 15 transactions took place post-auction. On the other side of the spectrum, 163 properties were passed in, and 78 were withdrawn from the market. This dynamic landscape culminated in a commendable clearance rate of 68.4%. With 521 properties successfully cleared through auctions and 241 remaining unsold, the Sydney market displays both vitality and variety.
Melbourne Auction Clearance Dynamics
Melbourne, another prominent player in the Australian real estate realm, held 877 auctions during the period under review. Of these, 119 properties were sold prior to auction, showcasing a proactive approach among buyers. The day of the auction saw an impressive 390 properties finding new owners through the bidding process, while 20 transactions were successfully negotiated after the auction concluded. Simultaneously, 303 properties were passed in, and 41 properties were withdrawn. With a clearance rate of 60.6%, Melbourne’s property market demonstrates resilience and opportunities. This city witnessed 529 properties being successfully cleared through auctions, while 344 properties remained uncleared.
Brisbane’s Auction Clearance Landscape
Brisbane, a city known for its vibrant lifestyle and growing real estate sector, hosted a total of 120 auctions. Out of these, 20 properties were successfully sold before the auction date arrived, showcasing buyers’ enthusiasm. The auction day itself witnessed 55 properties changing hands, while 3 additional transactions were inked post-auction. On the flip side, 33 properties were passed in, and 9 were withdrawn. With a healthy clearance rate of 65%, Brisbane reflects a balanced market sentiment. 78 properties were successfully cleared through auctions, whereas 42 properties remained uncleared, presenting potential prospects for savvy investors.
Deciphering Perth’s Auction Clearance Data
Perth, with its unique real estate dynamics, saw 10 auctions being conducted. Among these, 2 properties were sold prior to auction, demonstrating a proactive approach in the market. During the auction event, 3 properties found new owners through competitive bidding, resulting in a 50% clearance rate. Interestingly, the remaining 5 properties were marked as not applicable (NA), signifying a diverse market landscape. With 5 properties successfully cleared and 5 remaining uncleared, Perth’s real estate market showcases modest yet noteworthy trends.
Canberra’s Auction Clearance Metrics
The capital city, Canberra, hosted 68 auctions, showcasing its active real estate scene. Out of these, 11 properties were sold prior to the auction date, indicating a proactive market approach. The auction day itself saw 30 properties changing hands, while an additional 3 transactions took place post-auction. Meanwhile, 17 properties were passed in, and 7 properties were withdrawn. Canberra’s property market achieved a commendable clearance rate of 64.7%. With 44 properties successfully cleared through auctions and 24 remaining uncleared, the city’s real estate sector offers both stability and possibilities.
Adelaide’s Auction Clearance Landscape
Adelaide, a city known for its charm and economic resilience, held 89 auctions. Among these, 10 properties were sold prior to the auction, displaying a proactive market stance. The auction day was marked by 53 successful transactions, while 3 properties changed hands post-auction. Additionally, 18 properties were passed in, and 5 properties were withdrawn. Adelaide’s property market achieved an impressive clearance rate of 74.2%, reflecting both confidence and demand. With 66 properties cleared and 23 remaining uncleared, Adelaide’s real estate canvas is a blend of stability and opportunities.
Combined Capitals
When we amalgamate the auction results from major Australian cities, we arrive at a holistic perspective of the real estate landscape. A total of 1929 auctions were conducted, out of which 389 properties were sold prior to auction. On the day of the auction, a substantial 810 properties changed hands through competitive bidding, with an additional 44 transactions being negotiated after the auction concluded. Conversely, 536 properties were passed in, and 143 properties were withdrawn from the market. This cumulative effort culminated in a noteworthy clearance rate of 64.7%. A total of 1243 properties were successfully cleared through auctions, while 679 properties remained uncleared.
In the realm of Australian real estate, auction clearance rates are akin to a compass guiding both buyers and sellers through the tumultuous seas of market trends. The data presented above underscores the varying dynamics across different cities, from the bustling real estate arena of Sydney to the distinctive landscape of Perth. By understanding these auction clearance insights, you are better equipped to make informed decisions in your real estate ventures. Whether you’re eyeing a property in the vibrant streets of Melbourne or the tranquil surroundings of Adelaide, these figures provide a glimpse into the ever-evolving world of Australian real estate.
Reference CoreLogic.
