The Australian real estate auction market remained stable this week. Despite an increase in the number of listings, the clearance rate stayed the same as last week.
A total of 2,032 listings went to auction this week, with results collected for 2,003 of them. Among these, 1,200 were successfully auctioned, 701 were passed in, and the clearance rate reached 60%. Compared to last week, the number of auctioned properties increased by 619 (approximately 43.8%); successful auctions increased by 364 (approximately 43.5%). Despite the significant increase in auction listings, the clearance rate remained at 60%, indicating relatively stable market demand.
The performance varied across different regions, with significant increases in the clearance rates in the Upper North Shore and Central Sydney:
- The Upper North Shore clearance rate increased by 14 percentage points, reaching 78%.
- The Central Sydney clearance rate rose by 16 percentage points, attaining 72%.
Additionally, Sydney's Northern Beaches and Other Regions also showed good levels of activity, with clearance rates increasing by 8 percentage points and 5 percentage points respectively. Conversely, the clearance rates in the Lower North Shore and Melbourne's Western Region declined, dropping by 5 percentage points and 15 percentage points respectively.
In terms of prices, the mainstream transaction price range this week was between $500,000 and $1,000,000, with 342 properties sold, becoming the market's mainstay.
The highest transaction property this week was 14 Bradford Street, Balmain, with a sale price of $7.10 million.
The median house price for this week slightly rose to $1,287,500, while the average transaction price dropped to $1,326,889. The slight rise in the median price reflects strong demand for mid-to-high priced listings, whereas the decrease in the average price may be influenced by an increase in transactions of lower-priced properties. (Data is for reference only.)