Weekly Auction market preview 27 August 2023
Image: Canva.
  • The preliminary clearance rate was 71.2%.
  • The number of successful auctions has been easing over the past two weeks.
  • The decline was largely driven by a rise in the withdrawal rate.

The first auctions for September returned the second consecutive week of preliminary clearance rate easing, with CoreLogic figures showing that from the 1,810 results collected so far, the rate is only 71.2%. This is down 80 basis points compared to the previous week’s preliminary clearance rate of 72%, which was revised to 66.8% at final numbers.

“The decline was primarily driven by a rise in the withdrawal rate from 7.7% to 9.5%, while the portion of properties passed in at auction eased to 19.3%. Over the same week last year, 59.4% of auctions were successful,” said CoreLogic’s Kaytlin Ezzy.

The busiest week since Easter

The first auction weekend of September saw 2,291 homes head under the hammer, less than the 2,687 seen during Easter, but above the 2,278 recorded the week prior; it was also 25.7% higher than this time last year (1,823).

Preliminary clearance rates eased for the second consecutive week in Melbourne, with 69.3% recording a successful result among the 800 results collected so far. This represents a minor decline of six basis points.

Sydney hosted 933 auctions, the second busiest week of the year behind the week ending 2 April, when 1,017 homes went under the hammer. This is a rise from the 867 homes in the previous week, and is up on last year’s figure of 689 homes.

This week represents the lowest preliminary clearance rate for Sydney in four weeks, only 73.8%. The previous week recorded a rate of 74.6% (revised to 69.1% at final figures), while 55.8% of the auctions held this week last year were successful.

Weekly clearance rates

combined capitals weekly clearance rates corelogic 04092023
Source: CoreLogic.

Top sales across the nation

The priciest sales in Australia over the past week included an $11.2 million mansion in one of Perth’s most exclusive suburbs and an $8.5 million sub-penthouse along Queens Road in Melbourne.

According to CoreLogic, 134 Glyde Street in Mosman Park was recently sold for $11.2 million.

The five bedroom, four bathroom, property is spread across three levels and offers expansive views over the Swan River and Point Walter. Situated on a 2,004 square metre block, the property was marketed with the possibility of developing the site into three new residences, owing to its R17.5 zoning.

Listed with VICPROP, the $8.5 million Melburnian sub-penthouse is located at 1405/20 Queens Road.

The property was sold by Jin Ling and Jamie Yao, with the property listing noting the property occupies a ‘premier corner in the exclusive Rothelowman designed VICTORIANA residence’.

1405 20 queens road vicprop listing sub-penthouse
Image: VICPROP, as listed on Domain.

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