This week, the Australian real estate auction market showed signs of a cooling trend, with both the number of listings and clearance rates falling.
A total of 2,551 properties were auctioned this week, with auction results collected for 2,172 properties. Out of these, 1,387 were successfully sold, while 435 were passed in, resulting in a clearance rate of 64%. Compared to last week, the number of auctioned properties decreased by 446 (approximately a 14.9% drop); the number of successful auctions decreased by 213 (a 13.3% drop); and the clearance rate declined by 2 percentage points, indicating a weakening in market activity.
There was a noticeable variation in performance across different regions, with significant drops in clearance rates in Brisbane North and West:
The clearance rate in Brisbane North fell by 21 percentage points to 43%, while Brisbane West saw a 16 percentage point decline, dropping to 48%.
In Sydney, the Upper North Shore clearance rate decreased by 7 percentage points, while the Northern Beaches experienced a more significant drop of 16 percentage points. In contrast, the Melbourne Central Business District's clearance rate saw a notable increase of 17 percentage points, reaching 77%.
In terms of price, the mainstream transaction range this week was between $500,000 and $1 million, with a total of 342 properties sold, accounting for a large proportion of overall transactions.
The highest transaction price this week was for a property located at 2/3 Oyama Avenue, Manly, which sold for $10.25 million.
The median price of properties sold this week rose to $1,437,000, while the average transaction price slightly decreased to $1,589,018. This indicates that although the proportion of high-priced property transactions has decreased, the overall increase in median price may reflect relative activity in the mid-market. (Data are for reference only)