This week, the Australian real estate auction market cooled down with decreases in both the number of listings and the clearance rate.
A total of 1,994 properties were up for auction this week, and results were collected for 1,509 properties. Out of these, 1,004 were successfully auctioned, while 273 were passed in, resulting in a clearance rate of 67%. Compared to last week, the number of properties up for auction decreased by 854 (approximately 30%); the number of successful auctions decreased by 636 (a drop of approximately 38.8%); and the clearance rate fell by 1 percentage point, indicating a decline in market activity.
Performance varied across different regions, with notable increases in clearance rates in Sydney’s Lower North Shore and Melbourne’s Northern suburbs:
Sydney Lower North Shore saw its clearance rate increase by 2 percentage points, reaching 82%;
Melbourne Northern suburbs saw its clearance rate increase by 10 percentage points, reaching 81%.
Meanwhile, other regions such as Sydney’s Northwest and Melbourne’s Eastern suburbs experienced noticeable declines in clearance rates:
Sydney Northwest clearance rate dropped by 12 percentage points, falling to 72%;
Melbourne Eastern suburbs clearance rate dropped by 8 percentage points, falling to 57%.
In terms of prices, the mainstream transaction range this week was between $1 million and $1.5 million, with 193 properties sold, making it the largest proportion.
The highest-priced transaction of the week was a property located at 58-60 Carrington Road, Wahroonga, which sold for $18.5 million.
The median price for transactions this week slightly dropped to $1,340,000, while the average transaction price rose to $1,573,523. This reflects that despite the slight decrease in the median price, the proportion of high-priced properties sold has increased, with market interest focusing on mid-to-high-end properties. (Data is for reference only)