This week, the Australian real estate auction market showed a noticeable cooling trend, with an increase in the number of listings but a significant drop in the clearance rate.
A total of 3,068 properties were up for auction this week, with results collected for 2,358 properties. Of those, 770 were successfully auctioned, 522 were passed in, resulting in a clearance rate of 33%. Compared to last week, there was an increase of 1,227 listings (approximately 66.6%), but the number of successful auctions decreased by 420 (a decline of about 35.3%). The clearance rate dropped by 32 percentage points, indicating a marked decline in market activity.
Performance varied significantly across regions, with the clearance rates in Sydney CBD, Sydney Upper North Shore, Sydney Inner West, and Other Sydney Regions notably declining:
- The Sydney CBD clearance rate dropped by 22 percentage points to 30%;
- The Sydney Upper North Shore clearance rate decreased by 25 percentage points to 35%;
- The Sydney Inner West clearance rate fell by 34 percentage points to 37%;
- The clearance rate in Other Sydney Regions declined by 33 percentage points to 34%.
Melbourne showed a similar trend, with the Melbourne East clearance rate decreasing by 43 percentage points to 26%, and the Melbourne North clearance rate also falling by 43 percentage points to 26%. In Brisbane, the overall clearance rate also decreased compared to last week, particularly in Brisbane South and Brisbane East, with Brisbane East experiencing a 14-percentage point decline to 18%.
In terms of prices, the main transaction price range this week was $500,000 to $1 million, with a total of 454 transactions, making up the largest proportion.
The highest property transaction price this week was at 4 DERBY ST, reaching $7.821 million.
This week's median house price fell to $1,102,000, a significant drop compared to last week, indicating a market preference towards low to mid-priced property transactions. The average transaction price also declined to $1,324,257, further demonstrating that market interest is centered on the lower to mid-end properties. (Data for reference only)