Busiest week for auctions for the year

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Oct 28, 2019

Busiest week for auctions for the year

A preliminary clearance rate of of 75.3 per cent and volumes up by 33.5 per cent has confirmed the busiest week on the auction calendar for the year.

Luxury List

45 Olive Grove, Balmoral in Queensland was sold under the hammer over the weekend by agent Brandon Wortley of Ray White New Farm.

CoreLogic has reported 2,610 homes taken to auction across the combined capital cities this week.

This represents 33.5 per cent on last week to record the busiest week for auctions since early December 2018.

The higher activity returned a preliminary auction clearance rate of 75.3 per cent, which was only slightly lower than last week’s preliminary figure of 75.6 per cent which later revised down to 72.1 per cent at final figures.

At a glance:

2,610 homes taken to auction across the combined capital cities with volumes up 33.5 per cent on last week to record the busiest week for auctions since early December 2018.
The higher overall volumes this week can be mostly attributed to the surge in activity across Melbourne, which is not unusual over what is the pre Melbourne cup weekend each year.
Sydney recorded a preliminary clearance rate of 79.7 per cent across 761 auctions this week, after last week’s final clearance rate of 79.2 per cent; the strongest final result the city has seen since early 2017. One year ago, 798 auctions were held across Sydney returning a final clearance rate of 45.3 per cent.

Compared to one year ago, volumes are lower than the 2,928 auctions held over the same week last year when a much lower 47 per cent cleared.

Melbourne

The higher overall volumes this week can be mostly attributed to the surge in activity across Melbourne, which is not unusual over what is the pre Melbourne cup weekend each year.

There were 1,528 Melbourne homes taken to auction this week with volumes reaching their highest levels since this time last year (1,701).

The preliminary auction clearance rate maintained strength against the higher volumes, returning a 77.1 per cent success rate, up on last week’s 73.3 per cent across a lower 915 auctions.

REIV CEO Gil King confirmed over 760 homes have been sold under the hammer in Regional Victoria so far in 2019.

"(These numbers were ) driven by Belmont (76), Highton (45) and Newtown with 29 auction sales.

“ Doncaster has sold 97 homes through auction so far this year, surpassing its total in 2018 of 85 auction sales.

“Three suburbs in Victoria have sold over 200 homes through an auction this year.

"Spread over Middle Melbourne’s North and South East regions, Reservoir leads with 217 sales, followed by Mount Waverley (212) and Glen Waverley (201).”

Sydney

Sydney recorded a preliminary clearance rate of 79.7 per cent across 761 auctions this week, after last week’s final clearance rate of 79.2 per cent; the strongest final result the city has seen since early 2017.

One year ago, 798 auctions were held across Sydney returning a final clearance rate of 45.3 per cent.

Brisbane

Brisbane had 113 auctions which saw a clearance rate of 46.6 per cent also up from last year (30.1 per cent), although there were more houses that went to auction (151) same time last year.

Brandon Wortley of Ray White Real Estate was pleased with the sale of 45 Olive Grove, Balmoral in Queensland which went under the hammer at $1,900,000.

"We had a busy campaign with 60 inspections, then four registered bidders on the day," said Mr Wortley.

"There was a strong opening bid of $1,500,000 then it incremented in $100,000 and $50,000 lots and went on the market at $1,800,000.

"There was some tension at $1,900,000 when the under-bidder couldnt get hold of her husband, but the answer finally came through that there were to be no more bids from her and the property sold at $1.9 million."

Mr Wortley said he had noticed an upswing in confidence with the auction process and the Balmoral auction had a good crowd and good vibe.