The increased bid results in a mixed bag of auction results

The figure also makes it the fifth-busiest week for auctions since records began in 2008, according to CoreLogic.

CoreLogic’s head of research, Eliza Owen, said 3,539 properties had been sold, an increase of 5.3% from last week and twice the volume of the 1,803 homes sold at that time. last year.

The combined capital’s preliminary clearance rate continued its downward trend this week, with 74.5% of the 2,989 hits so far finding buyers within the day, continuing a downward trend that began in early October. .

Last week’s preliminary clearing rate of 75.5% was reduced to 73.2% in the final figures, while the auction success rate in the same period last year was 69.1%.

Capitals

This week was the third busiest of the year in Melbourne, as auction volumes remained above 1,000 for the seventh consecutive week.

There were 1,644 residences up for auction in Melbourne, down from 1,564 the previous week. The increased supply in the market is clearly now having an impact, with the city reporting a preliminary clearance rate of just 72.7% of the 1,360 results collected to date.

The preliminary clearance rate for the previous week was 74.1%, which was later reduced to 71.8%. During the same week of November 2020, barely 70% of the 646 auctions organized had a favorable result for the sellers.

Sydney had its second busiest week of the year, surpassing the previous week, with 1,369 homes up for auction. This is an increase of 8.7% compared to the 1,259 houses sold the previous week and a far cry from the 805 auctions at the same time last year.

Due to the increased volume, Sydney’s preliminary clearance rate fell for the seventh week in a row, to 73.4%, with 1,360 results reported so far. Last week, a preliminary clearance rate of 75.1% was announced, which was lowered to 71.5% in the final figures, comparable to the 71.6% success rate reported over the same period in 2020.

Ms Owen noted that Sydney’s withdrawal rate had increased this week, continuing a trend that started in mid-October and hitting its highest level of 16.6% since the end of July.

Canberra and Brisbane had the highest preliminary clearance rate, with Canberra’s successful auctions of 85.7% being slightly higher than Brisbane’s 82.5%.

Adelaide had a preliminary clearance rate of 79.6 per cent, but Ms Owen hinted that given the huge upward revisions seen in clearance rates last week and the fact that there are still 91 results left, the final clearance rate could reach more than 80%.

Five of the 12 results received to date in PerthPerth, TAS Perth, WA were successful, while the only auction held in Tasmania this week returned a positive result for the seller.

The increased bid results in a mixed bag of auction results



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Last update: November 23, 2021

Posted: November 23, 2021