Adelaide auction volumes higher than ever

• Stock levels recovering after rise in new listings nationally
• Auction volumes higher than ever in Adelaide, increasing elsewhere too
• Auction clearance rates fell in Sydney and Melbourne, but strong in Adelaide

The weekly Domain Property Report, ending October 30, reflected a strong property market in Adelaide as auction volumes, clearance rates and new listings soared.

The report indicated a rising number of new listings across most of Australia, providing relief to buyers in the form of greater choice.

The news comes after a 28.2% national rise in listings was recorded by CoreLogic in October, and points positively to the recovery of stock levels after they took a hit during Covid lockdowns.

Surge in new listings

Sydney added thousands of new listings to the market, albeit a slight reduction from the previous week in which new listings was the highest this year.

New listings in Melbourne rose both weekly and annually, up 5% and 28% respectively representing seller confidence in the market as lockdowns lift.

Brisbane and Adelaide also recorded an increase, the fourth consecutive week for Adelaide and the highest weekly growth since April.

Perth however, saw a dip of 1% in new property listings.

Although, the decline accompanies three consecutive weeks of increases, suggesting the city’s stock levels are still on their way to improving.

According to SQM data, total listings for sale across the whole of Australia increased in October to 239,866.

Auction volumes and clearance rates elsewhere…

Adelaide knocked it out of the park with the highest auction volume ever scheduled in the city, and a clearance rate of 87%.

According to Domain, 136 auctions were expected to go ahead last weekend.

Auctions in Sydney are continuing to skyrocket with Domain indicating over 940 auctions were scheduled for last weekend.

The city historically performs well in auction numbers, and even displayed strong auction volumes despite lockdown extensions in July.

However, resulting auction clearance rates are failing to reach the 80% bar as the market was replenished with higher stock and auction volumes.

Data from SQM indicated that the clearance rate for Sydney in October increased slightly to 61.8%, while total auctions increased to 1,378.

In Melbourne, onsite auction bans have been removed and auction volumes have been rising for the past five weeks reaching its peak for the year on October 23.

SQM data shows clearance rates, however, fell to 53% last week, with volumes declining to 1,510 from 1,947 the previous week. The Melbourne Cup public holiday last week may have influenced this.

Weekly increases in views per listing

Suburbs across all states have observed increases in views per listing, indicating that interest in these particular locations is rising.

Suburbs with biggest weekly increases in listing views