This week, the Australian real estate auction market saw a decline, with an increase in listings but a decrease in clearance rates.
A total of 2,025 properties were up for auction this week, with results collected for 1,431 properties. Of these, 383 were successfully sold, 268 were passed in, resulting in a clearance rate of 27%. Compared to last week, the number of properties listed for auction increased by 292 (approximately 16.8%); the number of successful sales slightly increased by just 4 (about a 1.1% increase); however, the clearance rate decreased by 4 percentage points, indicating a weakening in market activity.
Performance varied significantly across different regions. Notably, clearance rates in Sydney Central and Sydney Lower North regions showed a marked decline:
- Sydney Central clearance rate dropped from 75% to 45%.
- Sydney East clearance rate fell from 55% to 46%.
- Sydney Upper North clearance rate decreased from 48% to 28%.
In Melbourne North, the clearance rate showed a slight improvement, rising from 18% to 23%. However, the Brisbane market overall exhibited weaker performance, with clearance rates in Brisbane West and Brisbane Other Areas remaining flat or dropping to 0%.
In terms of prices, the mainstream transaction range this week was between $500,000 to $1,000,000, with 311 properties sold, accounting for the largest share. The highest sale price was achieved by a property located at 31A Yanko Av, sold for $23.5 million. The median sale price of properties this week significantly rose to $1,300,000, with the average sale price increasing to $1,362,015, reflecting a market trend leaning towards higher-priced listings.
(Data is for reference only)