This week, the Australian real estate auction market has cooled down, with a decline in both the number of listings and clearance rates.
A total of 1,740 properties were up for auction this week, with auction results collected for 1,261 properties. Of these, 699 were successfully auctioned, while 293 were passed in, resulting in a clearance rate of 55%. Compared to last week, the number of properties up for auction decreased by 2,004 (a drop of approximately 53.5%), the number of successful auctions decreased by 943 (a drop of approximately 57.4%), and the clearance rate dropped by 2 percentage points, reflecting weakened market sentiment.
The performance across major regions varied significantly, with notable fluctuations in clearance rates in some areas:
- The clearance rate in Sydney Lower North increased by 4 percentage points to 68%.
- Sydney Eastern also performed well, with the clearance rate rising by 11 percentage points to 64%.
- Sydney Northern Beaches saw a decrease of 4 percentage points to 47%.
- Melbourne Southeast’s clearance rate significantly increased by 13 percentage points to 57%.
- Brisbane North saw a substantial rise in the clearance rate by 24 percentage points, reaching 78%.
However, the clearance rate in Melbourne Other Areas decreased by 11 percentage points to 52%, while on the Gold Coast, it dropped by 16 percentage points, down to just 29%.
In terms of prices, the mainstream transaction range this week was between $500,000 and $1,000,000, with 231 transactions, making up the largest proportion. The highest transaction price was for a property at 34 Howard Street, Strathfield, which sold for $6,565,000. The median sale price for homes this week dropped to $1,095,000, while the average sale price decreased to $1,321,099, indicating a market trend towards transactions in the lower to mid-price range. (Data for reference only)