This week, the Australian real estate auction market showed a stable trend overall, with a significant increase in the number of listings, but the clearance rate remained unchanged.
A total of 2,465 properties were up for auction this week, with auction results collected for 1,837 properties. Out of these, 1,013 properties were successfully auctioned, 463 properties were passed in, and the clearance rate remained at 55%. Compared to last week, there was an increase of 725 properties (approximately 41.7%) auctioned this week; the number of successful auctions increased by 314 (an increase of approximately 44.9%); however, the clearance rate remained the same as last week, at 55%, indicating that even though the number of listings increased, the efficiency of transactions did not improve.
Among the major regions, Sydney North Beaches showed the most significant performance, with the clearance rate increasing by 26 percentage points to 73%. Inner West Sydney and Other Melbourne regions also performed well, with clearance rates increasing by 2 and 11 percentage points to 64% and 63% respectively. Clearance rates in Other Sydney Areas fell by 7 percentage points to 49%, indicating a decrease in market activity. Brisbane Central recorded a significant drop in clearance rates, down 36 percentage points to 31%.
In terms of prices, the mainstream transaction price range this week was between $500,000 and $1,000,000, with 313 transactions, the largest share of the market. The highest transaction price this week was for a property located at 510 Barrenjoey Road, Avalon Beach, which sold for $8.95M. The median house price for transactions this week rose significantly to $1,380,000, and the average transaction price increased to $1,405,524, indicating increased market attraction to high-priced properties, and buyers possibly leaning towards middle to high-end properties. (Data is for reference only)