Auction wins down, but no need for concern

While the pre-Easter period may be a buyer’s frenzy, the same can’t always be said for the week following.

CoreLogic reports the nation’s capital cities recorded slightly weaker auction clearance results last week of 76.8 per cent, compared to 77.1 per cent the week prior.

This decrease may be explained by property numbers- the total number of properties brought to auction rose compared to last week, giving buyers a larger pool to choose from.

Melbourne saw the largest number of homes go to auction, with more than 1,000 properties under the hammer. The Victorian capital had a clearance rate lower than the national average at 72.5 per cent, but an increase in homes listed following an Easter lull.

Ray White VIC/TAS Chief Auctioneer Matt Condon says high levels of buyer demand will continue to drive up auction results in Victoria.

“Properties right from entry-level all the way up to prestige are experiencing a high average of registered and active bidders per auction,” Matt says. “Even once a property is announced as on the market and selling, we’re continuing to see competition past that point.

“The high level of buyer demand and the favourable market conditions continue to create conditions that are conducive towards sellers achieving premium prices.”

Source: CoreLogic

Canberra has outperformed all other cities, with more than 90 per cent of homes selling at auction for the third consecutive week. The worst performing city was Perth, which cleared only 44.4 per cent of auctions.

Looking back, the nation’s auction results continue to be a success story. At this time last year, only 634 homes were taken to auction following COVID restrictions, with less than one-third selling.

Ray White NSW Chief Auctioneer Alex Pattaro says auctions remain a great strategy for homeowners.

“We continue to see great clearance rates, … and sale prices are well above where they were even six months ago.”

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