Auctions

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The capital city clearance rate sat 69 per cent over the 2020 December quarter, making it the best performing quarter of 2020, followed by the March 2020 at 62 per cent.

Auction volumes increased by 44 per cent over the three months to December, with 20,489 homes taken to auction across the combined capital cities, up from 14,216 over the September quarter, according to CoreLogic’s Auction Market Review.

“While the three months to December was the busiest quarter of 2020, it was significantly lower than the December 2019 quarter, when 26,923 homes were taken to auction across the combined capitals.”

CoreLogic’s Head of Research Australia, Eliza Owen, says the bulk of the uplift could be attributed to Melbourne.

“65% of the uplift can be attributed to the resurgence of auctions scheduled across Melbourne,” she said noting that vendor activity became pent up during stage four restrictions across the city.

Owen expects auction results to continue “on a strong footing” into 2021, providing there’s no major resurgence of COVID-19 in the community.

Of the 20,411 auction results collected over the latest quarter, just 8.9 per cent reported a withdrawn result, compared to 18.7 per cent over the September quarter and 31.0 per cent over the June quarter. 

Of the sold results, 36.8 per cent were sold prior to auction, compared to 42.0 per cent over the September quarter and 47.8 per cent over the June quarter.

Evatt in the ACT secured a 100% success from its 22 captured results.

Sydney’s Bass Hill sat at 95.8% with 23 of its 24 scheduled auctions finding buyers in the quarter.

Melbourne’s Tullamarine was the top suburb with an 88.5% success rate with 23 of its 26 scheduled auctions yielding a sales results.

Brisbane’s top auction performer was Camp Hill at 75% with 24 of its 32 scheduled auctions being sold.
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CoreLogic’s Head of Research Australia, Eliza Owen, says the bulk of the uplift could be attributed to Melbourne.

jchancellor

December quarter auction clearance rate the best quarter over 2020 with nearly 70 per cent sold

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There are 2,050 capital city auctions expected across the capital cities this week, similar to the number held last week (2,076) when the final auction clearance rate was recorded at 75.9%, the softest result across the combined capital cities since March this year. At the same time last year, 2,040 residential auctions were held and the clearance rate over the week was recorded at 65.4%.
Melbourne is expecting 959 auctions this week, an increase from 947 last week and higher than the 946 at the same time last year. Last week, Melbourne’s final auction clearance rate was recorded at 77.7%, which is much higher than one year ago (69.1%), however it is the lowest clearance rate for the city in 9 weeks.
This week, there are 799 Sydney homes scheduled for auction, compared to 816 last week and 785 over the previous week. Sydney’s clearance rate was down last week, from 88.7% the previous week to 83.4%, while in comparison, the clearance rate for the city last year was 70.1%. Sydney’s year to date clearance rate is 84.9%, while over the same period last year, the clearance rate for the city was tracking at 75.0%. On the other hand, auction volumes this year are slightly lower than they were last year.
Across Brisbane, CoreLogic RP Data is currently expecting 114 auctions this week, compared with 135 last week and 141 last year. Brisbane’s clearance rate last week was 45.5 per cent, while one year ago, 32.2% of homes taken to auction were sold.
There are currently 76 Adelaide homes scheduled for auction this week, slightly lower than the 87 last week and tracking at a similar level as the same time last year when 74 auctions were held across the city. Adelaide’s clearance rate last week was 58.7%, having fallen from 71.2% the previous week.
Canberra has 51 scheduled auctions this week, compared to 53 last week and 35 at the same time last year.
Across Perth, 40 homes are set for auction over the current week, increasing from 32 last week and slightly lower than one year ago (45).
Across Australia’s individual suburbs, the highest volume of auctions this week will be held in Balwyn North, Glen Waverley and Richmond (Vic).
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Auction volumes lower year on year: CoreLogic RP Data's Shana Miller

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There are 1,043 auctions scheduled this week in Melbourne compared to 1,124 for the same time last year.
The highest volume of auctions is in St Kilda with 23 expected, followed by Reservoir with 22 and Kew with 19.
In the auction market the increased volume has shifted the market in favour of buyers with a lower clearance rate resulting from the almost 2,000 auctions held over the past fortnight.
In the private sale market however sellers are seeing a peak in demand with lower days on market and reduced discounting prevalent.
On a city wide basis, the time on market results for houses sold at private sale tightened from 40 days to 37 days over the last week whilst vendor discounting fell from -5.1% to -4.9%.
Key data
•       Clearance rate week ending 12 October: 70%
•       Melbourne auctions expected week ending 19 October: 1,043
•       Melbourne private sales time on market week ending 12 October: 37 days (houses)
•       Melbourne vendor discounting market week ending 12 October: -4.9% (houses)
•       Listings being prepared for market are 4.3 per cent higher in month ending 12 October (seasonally adjusted)
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Melbourne market shifting in favour of buyers: RP Data's weekend auction preview

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This week, CoreLogic RP Data is expecting 2,842 auctions across the capital city markets, the highest number of weekly auctions since the week leading up to Easter, when 3,668 capital city auctions were held.
The rise in volumes comes of the back of a lower clearance rate last week, when the final results reported a combined capital city weighted average of 69.9 per cent, the lowest clearance rate since February this year. The lower result was driven by a fall across Sydney, where 70.7 per cent of auctions were successful last week, the lowest clearance rate for the city this year.
Melbourne and Sydney are both expecting a high volume of auctions this week, with 1,206 scheduled in Melbourne and 1,198 in Sydney. In comparison, last week 1,127 Melbourne auctions were held and 1,041 in Sydney.
Last week, Adelaide’s clearance rate was 71.4 per cent, the second strongest result for any capital city (following Melbourne at 73.7 per cent) and this week Adelaide auction volumes are set to rise from 99 last week to 130. Similarly, Brisbane auction volumes are also on the rise, with 202 auctions this week, compared to 143 last week
Canberra (58 this week compared to 118 last week) and Perth (25 this week compared to 31 last week) are the only two cities where the number of auctions is down week on week, however, both cities current auction activity is higher than it was one year ago.
The Australian suburb with the highest number of auctions this week is Reservoir (Vic) where 23 residential auctions will be held. Following on from this is Mosman (NSW) with 19, Preston (Vic) with 17 and Glen Waverley (Vic) with 16.
 
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Busiest week for auctions since before Easter: CoreLogic RP Data's Shana Miller

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The NRL and AFL grand finals, combined with a long weekend across many states last week saw auction activity take a backseat, however, this week auction volumes have more than tripled, with 3,062 residential properties going to auction across the combined capitals.
This week will be the third busiest for auctions across Melbourne this year, with 1,411 homes being taken to auction, compared to just 98 last week and 1,123 at the same time last year. Similarly, for Sydney, Australia’s second largest auction market, volumes will increase this week, with 1,230 auctions scheduled, up from 583 last week and 918 over the comparable week last year.
In all other capital cities, the number of auctions this week will also increase and volumes in each of the cities are higher relative to last year. There are 129 auctions in Adelaide this week, compared to 33 last week and 115 at the same time last year. Brisbane will be host to 186, the busiest week for the city since May this year, while there are 65 Canberra auctions scheduled and 34 across Perth.
In terms of the latest clearance rates, clearance rates fell further last week, down to 68.2 per cent across the combined capital cities, with Sydney recording a clearance rate below 70 per cent for the first time this year (69.9 per cent). With the increase in auction volumes this week it will be interesting to see how the clearance rate performs.
Mount Waverly in Victoria is host to 31 auctions this week, the highest number of auctions in any one Australian suburb. Following this is Reservoir (Vic) with 25, Glen Waverley (Vic) with 21, Mosman (NSW) and Northcote (Vic), both with 18.
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Buzz across the capital city auction markets: CoreLogic RP Data's Shana Miller

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CoreLogic-RP Data reported a rebound in preliminary auction clearance clearance rates, with increases in Sydney (to 72.8%), Melbourne (74.1%), and Brisbane (59.4 %).
<a href="/images/2015/10/12/A1.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/12/A1.jpg" alt="">
The trend in Brisbane improved slightly from 59.1% last week and 48.8% one year ago.
<a href="/images/2015/10/12/A2.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/12/A2.jpg" alt="">
 
<div>Sydney's preliminary clearance rate of 72.8% from an elevated number of 1,141 auctions remained strong, but the market is clearly now a two-speed affair with the western suburbs, north west and south west all having slowed in recent weeks.</div>
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<div>The northern beaches recorded the strongest clearance rate this weekend (88%), with the eastern suburbs (85.5%) and city &amp; inner south (81.9%) all recording strong results.</div>
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<div>The eastern suburbs have proven to be particularly strong performers of late.</div>
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<div>Most properties with a Bondi tagline continue to sell well, while Bronte, Clovelly, Coogee, Darling Point, Maroubra etc. also remain rock solid...</div>
<a href="/images/2015/10/12/A3.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/12/A3.jpg" alt="">
 
The real blockbuster sales this weekend, however, were seen on the lower north shore, specifically in Chatswood, with the previous suburb record being swept away...twice.
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
 
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Auctions on the rebound: Pete Wargent

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Preliminary auction clearance rates ticked back on the first weekend of spring according to CoreLogic-RP Data.
<div>Sydney's auction clearance rate should now begin to track lower than its equivalent prior year figure, but remains elevated at this juncture 78 per cent.</div>
Generally strong results were seen outside Sydney and Melbourne as per the below graphic, albeit from the usual small samples.
 Speeding ticket 
<div>That the Sydney market must eventually slow is not in question.</div>
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<div>After all, both Residex and CoreLogic-RP Data have recorded house prices growing at an absolutely cuckoo pace of +7.5 per cent over the last quarter (a totally bonkers rate of growth implying that prices would double within the next 10 quarters). </div>
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<div>The real questions are how well the spring auction market can hold up in the face of likely higher stock volumes and what happens when the growth cycle eventually comes to an end. </div>
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<div>It's worth noting that while outer suburban auction rates may have tailed off in Sydney somewhat, many of the inner suburbs are still recording blistering results.</div>
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<div>The inner west (88.6%), eastern suburbs (84%) and North Sydney and Hornsby (83.6%) regions each once again recorded supremely high preliminary clearance rates.</div>
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<div><a href="/images/2015/09/07/AUCTIONS1.jpg" target="_blank">Click to enlarge</a></div>
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<div><img src="/images/2015/09/07/AUCTIONS1.jpg" alt=""></div>
PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>. 
His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.
 
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Auctions spring forth: Pete Wargent

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Auction activity has eased slightly this week, with 1,824 capital city auctions held, down from 2,230 last week and also lower relative to the same week last year when 2,232 residential homes were taken to auction.
The preliminary clearance rate across the combined capital cities strengthened slightly this week, from 67.7 percent the previous week to 68.9 percent. One year ago, along with the higher volume of auctions, the clearance rate was also stronger at 77.5 percent.
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After Melbourne was host to 1,404 auctions over the final week in April, and 1,150 last week, the number of Melbourne auctions this week has fallen to 859. The clearance rate, on the other hand, has remained relatively steady, with preliminary results showing 70.6 per cent of Melbourne auctions clearing this week, compared to 73.2 per cent last week. At the same time last year, 78.3 per cent of Melbourne auctions were successful. The busiest Melbourne sub-region this week was the Inner region, with 160 auctions and a preliminary clearance rate of 76.3 per cent. In terms of clearance rates, the most successful sub-region this week was the West region (80.3 per cent).
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<img src="/images/2016/05/16/Screen%20Shot%202016-05-16%20at%2011.38.34%20AM.png" alt="">
Preliminary results for Sydney show a 75.6 percent clearance rate across 517 results this week. Over the week there were 614 Sydney homes taken to auction, down from 676 last week and significantly lower relative to last year (885). Sydney’s clearance rate last week was lower in comparison, at 71.8 per cent, while one year ago it was 85.0 percent. Across the individual regions of Sydney there was some varied performance this week with clearance rates ranging from as high as 93.1 percent in Ryde and as low as 26.3 percent in the Outer South West region where just 22 auctions were held.
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Brisbane had 153 auctions last week, down from 195 the previous week, which was the busiest for the city in seven weeks. The preliminary clearance rate rose to 51.2 per cent from 41.2 percent the previous week, while last year half of the 136 homes taken to auction were sold. Across the Gold Coast, 34 results have been reported so far with a preliminary clearance of 41.2 per cent.
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<img src="/images/2016/05/16/20160516-Brisbane.png" alt="">
The preliminary clearance rate for Adelaide this week is 67.9 per cent, up from 59.8 per cent last week and also higher than one year ago (63.8 per cent). Despite the fall in auction activity on an aggregate level, there were more auctions in Adelaide this week (100) compared with last week (94). One year ago, 106 Adelaide auctions were held.
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<img src="/images/2016/05/16/20160516-Adelaide.png" alt="">
Across Perth, 41 auctions were held this week with 20.0 per cent selling, based on the 15 reported results. Last week showed 23.5 per cent of auctions were sold and 41.9 per cent last year, noting that the cities clearance rate tends to move around a fair bit on a week-on-week basis.
Canberra’s preliminary clearance rate was 58.6 this week, compared to 54.3 per cent last week and 70.3 per cent at the same time last year.  Auction volumes were relatively steady over the week, at 49 compared to 50 over the previous week.
In Tasmania 8 auctions were held over the week and of the 7 reported results, 2 sales have been recorded. 
 
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Preliminary clearance rate edges higher, to 68.9 percent from 67.7 percent last week: CoreLogic RP Data's Shana Miller

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This week 1,426 auctions were held across the combined capital cities, substantially lower than the 2,304 held last week and the 2,556 held one year ago.
This coming Monday is a public holiday for four out of the eight states and territories, which has been a key factor in the fall in auction volumes. The combined capital city clearance rate softened this week, down from 68.6 percent last week to 66.4 percent this week.
The two largest auction markets, Melbourne and Sydney, saw their preliminary clearance remain above the 70 percent mark, with Sydney at 72 percent and Melbourne at 70.5 percent, while the highest clearance rate was in Canberra where 75 percent of auctions cleared over the weekend. 
The capital city weighted average was pulled lower by softer clearance rates in Brisbane (44 percent), Perth (46.7 percent) and Tasmania (33.3 percent). One year ago, the weighted average clearance rate was 77.2 percent, substantially stronger than the current result.
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<img src="/images/2016/03/14/20160314-Capital-city.png" alt="">
Only 414 Melbourne auctions were held this week with a preliminary clearance rate of 70.5 percent. This week’s result shows a slight decrease in the clearance rate for the city, after final results saw Melbourne’s clearance rate at 72.1 percent last week. Over the corresponding week last year, Melbourne’s clearance rate was 78.0 percent across 1,269 auctions. Although the city’s auction activity was quieter this week, there were still sub-regions where auction volumes were relatively high, with Melbourne’s Inner region host to 74 auctions and the West region host to 56 auctions. In terms of clearance rate, North West was the best performer, with 80.6 percent of reported auctions successful this week, followed by Inner South (79.2 percent).
<a href="/images/2016/03/14/20160314-Melbourne.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/14/20160314-Melbourne.png" alt="">
Sydney was the busiest capital city auction market this week, with 680 auctions held and a preliminary clearance rate of 72.0 percent. On the final numbers for last week, 68.7 percent of Sydney auctions were successful, while one year ago the clearance rate was 83.9 percent, significantly stronger than the current results for the city. The number of homes taken to auction this year is also lower than last year when 926 auctions were held. Sydney’s strongest performing sub-regions this week were Ryde (86.2per cent), Eastern Suburbs (84.5 percent) and Inner West (78.6 percent).
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<img src="/images/2016/03/14/20160314-Sydney.png" alt="">
This week 44.0 percent of Brisbane auctions were successful based on preliminary results. There were 151 auctions held in the city, up from 133 last week and 132 at the same time last year. Last week Brisbane’s clearance rate was 50.9 percent, while one year ago it was 47.0 percent. Further south, on the Gold Coast 34 auctions were held this week. Preliminary results show 16 auction outcomes having been reported with a clearance rate of 50.0 percent.
<a href="/images/2016/03/14/20160314-Brisbane-1.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/14/20160314-Brisbane-1.png" alt=""> 
Adelaide’s preliminary results show 54.2 percent of auctions were successful this week, compared to 65.9 per cent last week and 66.7 percent one year ago. The number of auctions across the city fell to 93 this week, compared to 99 over the previous week.
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<img src="/images/2016/03/14/20160314-Adelaide.png" alt="">
There were 35 Perth auctions held this week. Perth’s clearance rate shows a higher level of volatility due to the small proportion of homes being sold via the auction method.  Over the year to date, Perth’s clearance rate has been recorded as low as 21.7 percent the week before last and as high as 46.7 percent this week, across just 15 results. Prior to this week, the highest result for the city was recorded over the final week of January when  44 percent of the 25 reported auctions were successful.
Canberra has recorded another strong result this week with a preliminary clearance rate of 75.0 percent. The number of homes auctioned across the city this week was significantly lower than last week, falling from 88 to 34. At the same time last year 68.8 percent of the 71 auctions were sold.
There were 12 Tasmanian auction results reported this week and based on these preliminary results, 4 have sold.
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Preliminary clearance rate remains below 70 percent for the second week in a row: CoreLogic RP Data's Shana Miller

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Across the combined capital cities, the auction clearance rate rose slightly to 69.5 percent last week, from 68.8 percent the previous week.
The number of homes taken to auction, however, fell to just 533 across the capital city markets, with Sydney host to the majority of auctions last week (332).
<a href="/images/2016/03/29/20160329-Combined-capital-city.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/29/20160329-Combined-capital-city.png" alt="">
Preliminary results for Sydney show that 77.4 percent of reported auctions (230) were successful, the strongest clearance rate for the city since mid-February this year, however it is likely that this will revise down as further results are captured over the coming days.
In Melbourne, traditionally the country’s largest auction market, there were just 79 auctions held last week, with 54 results reported so far and a clearance rate of 74.1 percent.
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