This week, the Australian real estate auction market has slightly warmed, with a modest increase in the number of listings and clearance rates.
A total of 2,581 properties were auctioned this week, with results collected for 1,643 of them. Out of these, 508 properties were successfully sold, 240 were passed in, and the clearance rate reached 31%. Compared to last week, there were 232 more properties for auction this week (an increase of approximately 9.9%), and 54 more successful auctions (an increase of about 11.9%). The clearance rate improved by 3 percentage points, indicating an increase in market activity.
Among major areas, notable changes in clearance rates were observed in Sydney CBD and Sydney Inner West:
- Sydney CBD's clearance rate increased by 6 percentage points to 54%;
- Sydney Inner West's clearance rate rose by 5 percentage points to 43%.
It is noteworthy that in Sydney East, the clearance rate dropped by 11 percentage points to 51%. Meanwhile, in Sydney Northern Beaches, despite an increase in auction listings, the clearance rate fell by 8 percentage points to 49%. In Melbourne, the clearance rate in the Central Business District increased to 33%, rising by 9 percentage points, reflecting a more positive market trend.
In terms of prices, the mainstream transaction range this week was between $500,000 and $1,000,000, with 311 properties sold in this range, making it the largest proportion. The highest sale price this week was for a property at 26 Pleasant Way, Blakehurst, fetching $8.6 million. The median sale price for the week rose to $1,377,000, while the average sale price fell to $1,418,099. The rise in median price indicates a shift in market demand towards mid-range properties, whereas the decline in average price suggests decreased activity for high-priced properties. (Data for reference only)