auction-clearance-march
The report reveals a significant jump in active bidders. Image – Canva
  • Auction activity now 133% higher than last year
  • Auction day clearance rates at 67%
  • Sydney boasts highest clearance rate of 81%

Auction market activity continues to recover with new data showing a 133% leap over last year’s figure (for the same corresponding period).

According to Ray White Group’s Preliminary Auctions Report, there’s been a significant increase in auction activity, and auction day clearance rates are now at 67%.

The week following the Easter lull saw a notable surge in auction activity, with 539 auctions scheduled across the country, however, the unofficial long weekend, for Anzac Day, also contributed to numbers being slightly down.

Melbourne emerged as the busiest city with 165 auctions booked for the week.

Auction results, Victoria

Sydney had the highest clearance rate of 81%, while it was also revealed that 66% of sellers during the past week were owner-occupiers and 30% were investors.

On the buyer’s side, 79% were owner-occupiers and 19% were investors. A vast majority of buyers (91.6%) were local, while 6.9% came from interstate, and 1.4% were international buyers.

Increasing bidders

The report found that an average of 4.41 registered bidders and 2.6 active bidders participated in this week’s auctions.

Auctions during the week sold at a rate of 10.8% above the highest bidder and 3.5% over the reserve.

The passed-in rate dropped to 11.2%, indicating that fewer properties went unsold during the auctions.

Crowd attendance at auctions averaged 30 people, with Victoria and South Australia having the largest average crowd size at 35 people according to the report.

Numbers to bounce back

Ray White New South Wales chief auctioneer Alex Pattaro said sellers should feel encouraged to take the leap, as all signs suggest that this is a normal and balanced market.

“Property prices here in Sydney are continuing to move in the right direction,” said Pattaro.

“Those who are holding off coming to market need to be aware that should the property market start to rapidly increase, it will become more difficult for sellers to rebuy.

“Now is a fantastic time to be transacting. This is evidenced through our weekly clearance rates and increasing average number of registered bidders.”

Strong interest

Pattaro successfully sold a South Coogee home for $3.88 million over the weekend with six registered bidders. He said there was strong buyer interest due to tight stock levels.

Ray White Punchbowl Agent John Yatman said good quality houses are getting huge interest after selling a Wiley Park home for $957,000 with 17 registered bidders.

Ray White Victoria and Tasmania Chief Auctioneer Jeremy Tyrrell also said the real estate market is moving in a positive direction.

He sold a Carnegie townhouse for $1,007,000 with six bidders and he said there was high interest due to a lack of similar stock.

Ray White Queensland Chief Auctioneer Gavin Croft said there was high energy in the auction space after selling a Kangaroo Point cottage for $1.22 million with eight registered bidders.



You May Also Like

Australian building costs have continued to soar, but has your insurance cover kept pace?

MCG Quantity Surveyors analysis found underinsurance could cost homeowners over $100K to replace a property, with the issue even more profound in the commercial property sector.

When will Australian property prices fall? One major challenge continues to prop prices up

Property prices are up by over 35% across the country since Covid, and while not the same story in each city, that’s little solace to prospective buyers pulling their hair out.

A window of opportunity could be open for savvy Australian property investors, but time is ticking

One expert has noticed investors are on the move while there’s less competition and fewer buyers in the marketplace.

Why Aussie property buyers aren’t waiting for rate cuts anymore

A surge in home loans shows buyers aren’t waiting for interest rates to drop before taking the plunge.

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Thinking of borrowing for a new home? We decode the home loan lingo and explore ...

We take a look at everything from principal and interest to rates and more.

A window of opportunity could be open for savvy Australian property investors, but time is ...

One expert has noticed investors are on the move while there's less competition and fewer buyers in the marketplace.