Super Saturday results with 3,000 homes going under the hammer
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Dec 2, 2019
Super Saturday results with 3,000 homes going under the hammer
It was the busiest week of the year with Super Saturday auctions across Australia, says CoreLogic
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Luxury List119 Nelson St, Kalinga was sold at auction through agents Christine Rudolph and Matt Lancashire from Ray White Real Estate
There were over 3,000 capital city homes taken to auction this week, making it the busiest week for auctions we’ve seen this year; in fact the largest number
since March last year.
Of the 3,058 homes auctioned, according to preliminary figures, 78.9 per cent returned a successful result, coming in higher than last week’s final clearance rate of 68.5 per cent across a lower 2,612 auctions and significantly higher than final results from one year ago (41.3 per cent, 2,749 auctions).
As usual, we expect to see some downward revision by final collection.
Source: CoreLogic
Results across the individual property types saw houses outperform units with a success rate of 79.9 per cent, while 76.6 per cent of units sold at auction.
Melbourne
Melbourne was host to 1,497 auctions this week with preliminary results showing a clearance rate of 78.3 per cent, increasing from last week when the final clearance rate fell to 70.1 per cent across 1,221 auctions.
Over the same week last year, the auction clearance rate was significantly lower with 42.7 per cent of the 1,378 auctions returning a successful result.
Gil King, CEO of the Real Estate Institute of Victoria said a flurry of auction sales on Saturday has capped off a mammoth spring for Melbourne real estate.
“Agents were kept busy on Saturday with 1082 properties going to auction; a phenomenal 77% of those were sold," said Mr King to WILLIAMS MEDIA.
“The high volume of sales show’s how enthusiastic buyers are to get into the Victorian property market.
“The 2019 Spring auction period has been very strong with over 11,034 homes having gone to auction.”
Mr King said buyers have been scrambling to purchase homes, weekly clearance rates have remained above 70 per cent throughout spring, whereas last year they would hover around 50 per cent.
“Following leaner times in recent years, there are currently a lot of happy faces in Victorian Real Estate," said Mr King.
“With softer lending conditions and record low interest rates, a lot of people are eager to purchase a property.”
Mr King said a spacious land with two houses and the potential to build apartments was sold last week at $4,300,000 in 30-32 Wellington Road, Clayton, making it Clayton’s most expensive residential property sold through auction.
Sydney
There were 1,131 auctions held in Sydney this week making it the busiest week of the year for the city with preliminary results showing an 84.7 per cent clearance rate, up from 76 per cent across 940 auctions last week.
Over the same week last year 937 Sydney homes were taken to auction across the city returning a clearance rate of 41.6 per cent.
Brisbane
There were a total of 138 houses that went to auction over the weekend with a clearance rate of 54.8 per cent.
One of those properties was that of mining executive Brad Gordon who sold his 119 Nelston St, Kalinga house for $5.15million.
It was one of the biggest sales for Brisbane for 2019, causing Ray White agent Matt Lancashire to comment that it set the scene for 2020 becoming very positive for real estate sales.
Justin Nickerson of Apollo Auctions said another strong weekend was experienced in Brisbane.
"The average number of registered bidders in particular (is) continuing to increase," said Mr Nickerson.
"Volumes remain strong for another two weekends, and a large degree of buyers are showing a willingness to transact pre the break."
Other markets
Results were mixed across the smaller auction markets, with Adelaide and Canberra showing a preliminary clearance rate above 70 per cent, while only around half of the homes taken to auction in Perth were successful.
The latest results provide a timely test of the housing markets depth, with clearance rates holding up despite the large number of properties taken to market.
Similar to this:
Higher auction volumes see preliminary clearance rates bounce back
Lowest auction clearance rates since mid-August
City auction markets log highest clearance rate in over a year
Contact Details:
Christine Rudolph
Ray White Real Estate
