This week, the Australian real estate auction market has generally cooled down. Although the number of properties for auction has increased significantly, the clearance rate has slightly declined.
A total of 2,349 properties went to auction this week, with results collected for 1,630 properties; 454 were successfully auctioned, and 361 were withdrawn, resulting in a clearance rate of 28%. Compared with last week, the number of properties for auction increased by 686 (an increase of approximately 41.3%); the number of successful auctions increased by 97 (an increase of approximately 27.2%); however, the clearance rate decreased by 2 percentage points, indicating a decrease in overall market activity.
Performance varied across regions, with notable changes in clearance rates in the Sydney East and Melbourne East:
- The clearance rate in Sydney East increased by 4 percentage points to 62%, with the number of properties for auction increasing by 26, indicating strong demand in the area.
- In Melbourne East, although the clearance rate remained at 20%, the number of properties for auction increased by 126, reflecting a significant increase in supply without a corresponding rise in demand.
Clearance rates in Sydney Lower North and the Gold Coast dropped by 9 percentage points each, indicating a slowdown in those areas. Additionally, Sydney Northwest and Melbourne Other Areas showed a relatively balanced supply and demand trend, with little change in clearance rates.
In terms of prices, the mainstream transaction price range this week was between $500,000 and $1,000,000, with 323 properties sold, making it the price segment with the most transactions. The highest transaction price this week was $6.45 million for 10 Billyard Av.
The median price of properties sold this week rose to $1,250,500, and the average price also increased to $1,559,264, indicating that the market's transaction focus is shifting towards higher-priced properties. (Data for reference only)