The Australian real estate auction market showed slight weakness this week, with the number of listings slightly increasing but the clearance rate declining.
This week, a total of 1,436 properties were up for auction, with results collected for 868 of them. Among these, 252 were successfully auctioned, and 133 were passed in, resulting in a clearance rate of 29%. Compared to last week, the number of properties up for auction increased by 53 (approximately 3.8%), but the number of successful auctions decreased by 28 (a decline of about 10%), and the clearance rate dropped by 3 percentage points, indicating a decrease in market activity.
There were noticeable differences in performance across various regions, with clearance rates declining in Sydney Center and Melbourne CBD:
- Sydney Center's clearance rate dropped by 9 percentage points to 62%;
- Sydney Lower North's clearance rate slightly decreased by 2 percentage points to 65%;
- Sydney Inner West's clearance rate declined by 14 percentage points to 48%;
- Melbourne East's clearance rate decreased by 4 percentage points to 15%;
- Brisbane East saw a significant drop of 25 percentage points in its clearance rate, down to 5%.
In contrast, the performance in Brisbane Center and Brisbane Other improved:
- Brisbane Center's clearance rate rose from 0% to 20%;
- Brisbane Other saw an increase of 24 percentage points in clearance rate, reaching 42%.
In terms of prices, the mainstream transaction range this week was between $500,000 and $1,000,000, with 210 properties sold, accounting for the largest proportion. The highest sale price this week was for Unit 77/1 MACQUARIE STREET, sold for $6.75 million. The median sale price decreased to $1,139,000, and the average price fell to $1,292,346, reflecting a possible market preference for lower-priced properties, with market activity concentrated in the mid to low-end properties.
(Data is for reference only)