This week, the Australian real estate auction market remained stable, with a decrease in property listings and a slight drop in the clearance rate.
A total of 1,697 properties were up for auction this week, with results collected for 1,669 properties. Of these, 926 were successfully auctioned, 426 were passed in, resulting in a clearance rate of 55%. Compared to last week, there were 228 fewer properties up for auction (a decrease of about 11.8%); the number of successful auctions decreased by 147 (a drop of about 13.7%); and the clearance rate fell by 2 percentage points, indicating a slight decrease in market activity.
In the performance of major areas, some regions in Sydney and Melbourne, as well as Brisbane, showed varying degrees of change in market activity:
The clearance rate in Sydney's Upper North increased by 5 percentage points, reaching 63%;
Sydney's Northwest region saw a 9 percentage point drop in clearance rate, falling to 64%;
Melbourne's Central Business District showed a significant increase of 24 percentage points in clearance rate, reaching 78%;
Brisbane's Central region saw a 45 percentage point rise in clearance rate, reaching 58%.
Notably, the clearance rates in Brisbane's South and Gold Coast dropped significantly. Brisbane South's clearance rate fell by 16 percentage points, down to 20%, while the Gold Coast remained at a low 27%, slightly dropping by 2 percentage points.
Price-wise, the mainstream transaction range this week was between $500,000 and $1,000,000, with 325 properties sold, accounting for the largest proportion.
The highest sale price this week was for a property at 16 Le Vesinet Drive, Hunters Hill, reaching $26.1 million.
The median sale price for homes this week decreased to $1,060,000, and the average sale price slightly decreased to $1,433,568, reflecting an increased demand for mid- to low-priced properties, with the market interest leaning towards lower-priced properties. (Data for reference only)