This week, the Australian property auction market showed signs of recovery. Although the number of properties up for auction decreased, the clearance rate significantly improved.
A total of 1,529 properties were up for auction this week, with results collected for 884 properties. Out of these, 370 were successfully sold, and 104 were passed in, resulting in a clearance rate of 42%. Compared to last week, the number of properties up for auction decreased by 931 (approximately 37.9%), and the number of successful sales dropped by 127 (about 25.6% decrease). However, the clearance rate increased by 13 percentage points, indicating a certain degree of market recovery.
Among various regions, Sydney's regions stood out, particularly in terms of the increase in clearance rates:
- The clearance rate in Sydney Upper North Shore increased by 12 percentage points to 56%.
- The Sydney Lower North Shore clearance rate rose by 7 percentage points to 60%.
- The Northern Beaches clearance rate increased to 66%, up by 8 percentage points.
Melbourne showed continued weakness, especially in the East and Other Regions, with substantial declines in both the number of auctions and successful sales, although the clearance rate in the South East slightly rose to 14%. The markets in Brisbane and the Gold Coast remained stable, with clearance rates generally below the market average.
In terms of prices, the mainstream transaction range this week was between $1 million and $1.5 million, with 121 sales, making up the largest proportion. The highest sale price this week was for a property at 5 Kulgoa Rd, sold at $9.65 million. The median price of sold homes this week rose to $1,422,500, while the average price decreased to $1,352,182, indicating an increase in high-priced property sales, but higher activity in the mid-range price segment.
(Data for reference only)