This article is from the Australian Property Journal archive
AUCTION activity is warming up after a slow start to the year, with clearance rates reaching levels not seen since last May.
According to the latest figures from Domain, nationally there were 954 auctions listed, after just 446 the week before, with though only 546 auctions were reported up from 369.
At 67.8%, the national clearance rate was up from the previous week’s 58.8%, with 369 properties selling at auction up from 62 in the week prior, with 62 properties withdrawn, up from 43.
The clearance rate was down from 72.7.4% in the same week last year, where 1,327 properties were listed, 1,226 auctions reported and 891 sold.
The total value sold for the week was $314.5 million, with houses bringing in an auction median of $1,102,500 and units at $797,500.
This was up on last week’s $196.1 million, with the auction median for houses up marginally from $1,000,000 and units from $730,000.
Compared to the same week last year, the total value sold was down significantly from $1153.5 million, with the house auction median at $1,200,000 and the unit auction median at $870,000.
According to CoreLogic’s figures, a final clearance rate of 83.9% for the combined capital cities was highest since May 2022, despite sitting 26.6% lower than the same week last year.
In Sydney the clearance rate was up from 67.5% to 68.4%, with 215 reported auctions, 38 withdrawals and 147 properties selling.
This was for an improved total value sold of $146.7 million, or an auction median of $1,395,000 for houses and $847,500 for units.
However, this was again well down from the same week last year, where 488 auctions were reported, with 359 properties selling for a total value of $622.0 million.
In Melbourne the clearance rate was up from 57.5% to 70.8%, with just 219 reported auctions, 15 withdrawals and 155 properties selling.
The total value sold of $130.4 million, or an auction median of $921,000 for houses and units at $780,000.
By comparison, the same week last year in Melbourne saw 474 auctions reported, with 304 sold for a total value of $303.0 million.
While in Adelaide, the clearance rate was again way up on the national rate at 78%. Though just 37 auctions were reported, with two withdrawn and 29 properties sold, for $19,204,000 in total sales and a median of $815,000.
In Brisbane the clearance rate was still well below the national average at 42%, with 31 auctions reported, four withdrawals and 13 sold, for $3,913,000 in total sales.
Finally, Canberra’s clearance rate took a hit at 57%, with 44 auctions reported, three withdrawn and 25 properties sold for a total value at $14,291,000 and a median of $830,500.
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 7 Nancy Bird Av, South Turramurra NSW 2074, 5 br House, Pello – Upper North Shore | $3,980,000 |
| Melbourne | 10 Wonga Rd, Ringwood VIC 3134, 4 br House, Jellis Craig Ringwood | $2,620,000 |
| Adelaide | 10 Sixth Av, St Peters SA 5069, 4 br House, TOOP+TOOP Real Estate | $2,200,000 |
| Brisbane | 18 Redrock St, Murarrie QLD 4172, 3 br House, Place Estate Agents – Bulimba | $950,000 |
| Canberra | 22 Somers Cr, Forrest ACT 2603, 4 br Townhouse, Badenoch Real Estate Sales | $2,200,000 |
| Most affordable | ||
| Sydney | 2/13 Hillard St, Wiley Park NSW 2195, 2 br Unit, Ray White Punchbowl | $390,000 |
| Melbourne | G02/91 Janefield Dr, Bundoora VIC 3083, 2 br Unit, Como Real Estate | $305,000 |
| Adelaide | 10 Cherry Av, North Haven SA 5018, 3 br House, Turner Real Estat | $515,000 |
| Brisbane | 6 Allerton Park Dr, Park Ridge QLD 4125, 4 br House, Cromurcon Professional Real Estate | $688,000 |
| Canberra | 57/21 Dawes St, Kingston ACT 2604, 2 br Unit, Blackshaw Manuka | $557,500 |
