This week, the Australian real estate auction market appeared slightly sluggish, with a slight decrease in the number of listings and a small decline in the clearance rate.
A total of 1,249 properties were up for auction this week, with auction results collected for 1,233 properties, of which 774 were successfully auctioned, and 398 were passed in, resulting in a clearance rate of 63%. Compared to last week, the number of properties for auction decreased by 66 (about 5.0%); the number of successful auctions decreased by 54 (a drop of about 6.5%); and the clearance rate fell by 1 percentage point, indicating a slight cooling of the market.
Performance across the regions varied, with the clearance rates in Sydney East and Melbourne Southeast showing significant improvement:
- Sydney East's clearance rate increased by 7 percentage points to 73%;
- Melbourne Southeast's clearance rate increased significantly by 28 percentage points to 68%.
In contrast, Brisbane Central and other areas performed poorly, with notably low clearance rates:
- Brisbane Central's clearance rate was only 0%, with no successful cases;
- Brisbane Other's clearance rate plummeted from 63% last week to 14%.
In terms of prices, the mainstream transaction price range this week was $500,000 to $1,000,000, with 206 transactions, the largest proportion.
The highest transaction price this week was for a property at 49 Stanhope Road, Killara, selling for $7.18 million.
The median price of transacted homes this week remained stable at $1,260,000, but the average transaction price dropped to $1,386,296. This indicates an increase in the proportion of lower-priced properties compared to last week, and a decrease in demand for high-end properties in the market. (Data for reference only)