This week, the Australian real estate auction market showed signs of cooling, with an increase in the number of properties but a decrease in the clearance rate.
A total of 1,084 properties were up for auction this week, with results collected for 1,071 properties. Of these, 634 were successfully sold while 396 were passed in, resulting in a clearance rate of 59%. Compared to last week, the number of properties up for auction increased by 246 (approximately a 29.4% increase); the number of successful auctions increased by 110 (approximately a 21% increase). However, the clearance rate decreased by 4 percentage points, indicating a decline in market activity.
Performance varied across regions, with significant fluctuations in clearance rates in some areas:
The Sydney Central area saw a notable increase in its clearance rate, reaching 90%, an increase of 21 percentage points from last week, indicating a strong sales momentum. In contrast, the Sydney Upper North and Sydney Inner West areas experienced decreases in clearance rates of 16 and 10 percentage points respectively, down to 60% and 77%, suggesting a cooling market in these regions.
In Melbourne, performance was relatively mixed. The Melbourne West area’s clearance rate fell to 59%, a decrease of 16 percentage points from last week. The Melbourne North area saw a 10 percentage point increase in its clearance rate, reaching 60%, showing signs of market recovery.
The Brisbane market overall underperformed, with generally low clearance rates. Specifically, the Brisbane Central area and Brisbane Other areas maintained clearance rates of 0% and 29%, respectively, indicating limited market improvement.
In terms of price, the mainstream transaction price range this week was between $500,000 and $1,000,000, accounting for 235 sales—a significant proportion. The highest sale price this week was for a property at 122 Abbotsleigh Street in Holland Park, sold for $5.0 million. The median transaction price this week fell to $1,110,000, with the average transaction price decreasing to $1,384,335, reflecting a market shift towards mid-to-low-priced properties and a change in market heat distribution.
(Data is for reference only)