- Sydney sets record-breaking November auction volumes, as clearance rates fall
- Medians higher than ever in Canberra, Brisbane and Adelaide, as sellers leverage high demand and competition
- Sydney and Canberra scheduled for busiest Saturday on record in upcoming week
The newly released Domain November Auction Report reflects a busy month for properties going under the hammer across the nation.
Auction listings rose in all capital cities, driving clearance rates down in Sydney, Melbourne and Canberra.
Sydney bounces back
The property market is exhibiting a swift recovery in Sydney, recording the highest number of auction listings of any November on record.
Clearance rates fell by 5.9% over the month, the lowest in 12 months due to boosted stock levels and reduced competition.
The median auction price for Sydney houses currently sits at $1.95 million, a 3.6% monthly drop despite an annual increase of 21.9%, after a median of $1.6 million last year.
House clearance rates outperformed units for the second consecutive month in Sydney, along with Melbourne, Brisbane, Adelaide and Canberra.
Median prices soar
Median prices have reached a record high across three capitals, taking full advantage of high buyer demand and competition.
Canberra, Brisbane and Adelaide recorded median prices of $1.15 million, $1.19 million and $805,000 respectively.
Melbourne continued a record breaking auction streak, as supply expanded and market conditions cooled.
Scheduled auction summary, 4 December 2021
Melbourne recorded its highest auction volumes ever in October with 6,100 auctions going ahead.
The November auction report showed similar promise for the city re-emerging from lengthy lockdowns, narrowly skimming the record with 6,098 auctions taking place.
Record-breaking weeks ahead
Despite the festive period now clearly in sight, auction volumes are expected to ramp up in the coming weeks, showcasing strong market conditions across Australia.
A fortnight ago was a record-breaking week for auctions nationally, and with results slowly coming in for last week, it is likely another volume record will be broken.