This week, Australia's real estate auction market underperformed, with a decrease in the number of listings and a drop in clearance rates.
A total of 2,140 properties were up for auction this week, with 721 successfully sold and 282 withdrawn, resulting in a clearance rate of 56%. Compared to last week, this week's listings decreased by 182 properties (approximately 7.8%); successful auctions decreased by 172 properties (approximately 19.3%); and the clearance rate fell by 5 percentage points. Market activity has weakened.
There is significant variance across regions, with notable changes in Sydney and Melbourne:
- The clearance rate in Sydney Central increased by 22 percentage points, reaching 72%;
- Sydney Inner West's clearance rate rose by 5 percentage points, reaching 76%;
- Clearance rate in Sydney Other Areas dropped by 15 percentage points, down to 50%;
- Melbourne North's clearance rate fell by 7 percentage points, down to 60%;
- Brisbane Central's clearance rate rose 18 percentage points, reaching 40%, but other areas like the Gold Coast saw a significant decline of 16 percentage points, down to 24%.
In terms of prices, this week's mainstream transaction range was between $500,000 and $1,000,000, with 195 units sold, accounting for the largest proportion. The highest transaction price property this week was at 16 NORTHUMBERLAND ST, with a price of $6.77M. The median price of sold homes this week decreased to $1,205,500, and the average transaction price decreased to $1,428,051, reflecting an increased proportion of lower-priced transactions. The market trend leans towards mid-to-low-end properties. (Data for reference only)