Tag: Auction Results

First Week of August Returns a Preliminary Auction Clearance Rate of 71.5 per cent

From CoreLogic.

The first week of August saw fewer auctions held across the combined capital cities, with 1,846 held, down from the 1,987 auctions held the previous week, however higher than the 1,540 auctions one year ago. The preliminary auction clearance rose to 71.5 per cent, after the previous week saw the final auction clearance rate fall slightly to 68.7 per cent (revised lower from a preliminary clearance of 70.7%).

Over the last month, auction volumes have remained relatively steady and while clearance rates have shown a softening, final results have been consistently in the high 60 per cent range since the first week of June. Across the two larger auction markets, Melbourne continues to show resilience to softening conditions relative to Sydney, with Melbourne’s clearance rate sitting in the mid-high 70 per cent range for another week (75.7 per cent), while Sydney’s preliminary auction clearance rate increased over the week (71.5 per cent). Last week Sydney recorded its lowest rate of clearance so far this year (65.4 per cent).

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Auction Results 05 Aug 2017

The preliminary results from Domain are in, and they show a slowing of the volume of auctions on offer. Clearance rates though remain quite healthy.  Melbourne at 73.7% leads the charge, with 420 sold. Significantly higher than Sydney. Nationally 738 were sold, compared with 946 last week and 789 last year.

Brisbane cleared 55% of 98 auctions, Adelaide 67% of 31 auctions and Canberra 67% of 52.

Auction volumes increase over the last week of July

From CoreLogic.

The combined capital city preliminary clearance rate was recorded at 70.7 per cent this week, up slightly from last week, when the final clearance rate was recorded at 69.9 per cent.

Auction clearance rates have seen a slight improvement across the combined capital cities over the month of July, with the final clearance rate over the last two weeks just falling short of the 70 per cent mark. Auction volumes were higher this week with 1,957 homes taken to auction across the combined capital cities, up from 1,748 last week, and higher than this time last year when 1,610 auctions were held. Perth and Tasmania were the only cities where auction volumes fell over the week.

There were 943 auctions held in Melbourne this week with a preliminary clearance rate of 77.2 per cent, increasing from a final clearance rate of 73.8 per cent last week across 833 auctions. Over the same week last year, Melbourne’s clearance rate was 75.3 per cent across 754 auctions. Of the 9 Melbourne sub-regions, 5 recorded clearance rates above 80.0 per cent, with the highest clearance recorded across the Mornington Peninsula, with preliminary results showing 87.2 per cent of the 39 results were successful, followed by the North West where 81.3 per cent of auctions cleared.

In Sydney, 704 properties were taken to auction this week with a preliminary clearance rate of 68.0 per cent. Last week, the final clearance rate for the city was 70.3 per cent across 625 auctions, after sitting below the 70 per cent mark for the previous 6 weeks, so it will be interesting to see what the final clearance rate is like on Thursday. One year ago, 509 Sydney homes were taken to auction and the clearance rate was 78.0 per cent. This week, the performance across Sydney’s individual sub regions was mixed. Across the South West region, where 47 of the 50 results have been reported so far, the preliminary clearance rate was 40.4 per cent, while across the Eastern suburbs (90.0 per cent) and Inner West (81.8 per cent) regions, the success rate of reported auctions was much higher.

Auction Clearances Maintain Their Momentum – Again

From CoreLogic.

The combined capital city preliminary clearance rate increased to 74.8 per cent this week, up from a revised final clearance rate of 69.4 per cent last week, while auction volumes increased week-on-week. There were 1,712 properties taken to auction this week, up from 1,627 last week, and higher than this time last year, when 1,329 auctions were held and a clearance rate of 67.9 per cent was recorded.

Based on the preliminary collection, all but one of the capital cities saw the clearance rate increase week-on-week.  Melbourne’s auction market has continued to show some resilience to softer auction conditions, recording the highest preliminary clearance rate at 79.4 per cent, although this is likely to revise lower when the final auction results are released on the following Thursday.  While Melbourne’s clearance rate has remained comfortably above 70 per cent since July last year, final auction results show Sydney’s auction clearance rate has been tracking below 70 per cent over the past six weeks, so it will be interesting to see if the preliminary clearance of 74.9 per cent is again revised below the 70 per cent mark.

Auction Results 22 July 2017 Remain Firm

The preliminary results from Domain show a continuing trend, with slightly lighter volumes, but strong preliminary clearance rates. Melbourne continues to lead the main centres, in terms of volume, but Sydney has a higher clearance rate. Rates are higher than this time last year.

Brisbane achieved 55% on 81 listings, Canberra made 72% from 36 and Adelaide 69% of 62 listed.

Auction volumes continue to trend lower, but clearance rates lift

From CoreLogic.

The number of homes taken to auction across the capital cities has fallen for the 4th week in a row, with just 1,612 auctions held this week, down from 1,766 last week, although higher than this time last year when 1,391 properties went under the hammer.

The combined capital city preliminary clearance rate increased to 72.4 per cent this week, up from the final clearance rate of 68.4 per cent last week, although this will revise as more results are collected. The final clearance rate has nudged slightly higher over the last two weeks after reaching a year to date low of 66.5 per cent; it will be interesting to see if this is still the case on Thursday when the final figures are released.

Adelaide and Brisbane were the only cities to see a slight increase in auction volumes this week, while Melbourne had the highest number of auctions scheduled (753). In terms of preliminary clearance rates, Melbourne was the best performing city with 77.4 per cent of the 667 results recording a successful result, and although this result will revise lower as the final results are collected, it is likely to be stronger than what we have seen in Melbourne over the last month.

Auction Results

The preliminary auction clearance results from Domain show a national clearance rate of 72.6%, compared with last weeks final result of 66.7%. Melbourne is the hottest market, with a 77.3% clearance rate. Sales momentum remains strong, even if volumes are a little lower. No wonder home prices continue to defy gravity.

Brisbane cleared 41% on 94 scheduled auctions, Adelaide 84% on 41 listed and Canberra 63% of 36 scheduled.

Auction Volumes Wane Again

From CoreLogic.

The combined capital city preliminary clearance rate increased to 70.7 per cent this week, up from 67.3 per cent last week, while auction volumes fell week-on-week. There were 1,751 properties taken to auction this week, down from 2,001 last week, although higher than this time last year, when 1,399 auctions were held and a clearance rate of 70.6 per cent was recorded.

Over the past 5 weeks, the final clearance rate across the combined capital cities has been sitting in the mid-high 60 per cent range and it is likely that this will be the case again on Thursday when our final results are published.

All but two of the capital cities saw the clearance rate increase week-on-week while Melbourne recorded the highest preliminary clearance rate at 73.9 per cent.

Weekend auctions litmus test of new first-home-buyer benefits

From The Real Estate Conversation.

The 1 July introduction of stamp duty concessions for first-home buyers in New South Wales and Victoria added some warmth to otherwise wintry auction market conditions on the weekend.

Across Australia’s seven capital cities, the clearance rate was 70.3 per cent. The final result for the previous week was 66.5 per cent, the lowest clearance rate since June 2016.

In Melbourne, 619 auctions were held on the weekend, with a preliminary clearance rate of 74 per cent recorded, according to REIV data.

Both figures were up on the same period last year, when 223 homes went to auction and a 70 per cent clearance rate was recorded.

Real Estate Institute of Victoria CEO, Gil King, told SCHWARTZWILLIAMS, “High auction volumes (in Melbourne) coincided with changes to government policy with new stamp duty concessions now available for first homebuyers purchasing under $750,000.”

From 1 July, stamp duty for first-home buyers purchasing properties worth less than $600,000 was abolished, and stamp duty concessions are available for first-home buyers purchasing property valued between $600,000 and $750,000. The exemptions and the concession will apply to both new and established homes.

The Victorian government also removed stamp duty concessions for off-the-plan investment properties, except for those who intend to live in the property or who are first-home buyers.

“This weekend saw a record number of homes go under the hammer for the first week of July with more than 615 auctions held – surpassing the previous 2010 record when 591 homes were auctioned,” said King.

Suburbs in Melbourne’s middle ring dominated, led by Reservoir with 14 auctions and 12 sales. Hoppers Crossing and Sunbury both recorded 100 per cent clearance rates from six auctions. The City of Darebin and Moreland recorded the highest volumes on the weekend, with 38 and 34 auctions respectively.

“Strong auction activity was also recorded in Greater Geelong, with 27 auctions held over the week,” said Gill.

John Cunningham, president of the Real Estate Institute of New South Wales, told SCHWARTZWILLIAMS, “Saturday 1 July was the first real test of the new first-home owners stamp duty concessions and the foreign investor stamp duty surcharge.”

In New South Wales, the government has scrapped stamp duty for first-home buyers for new and existing homes up to a value of $650,000, and delivered stamp duty concessions for first-home buyers for properties up to a value of $800,000.

The government has also doubled the stamp duty surcharge for foreign investors from 4 per cent to 8 per cent, and increased land tax for foreign buyers from 0.75 per cent to 2 per cent. Stamp duty discounts for foreign buyers purchasing off the plan have been removed.

Sydney’s initial clearance rate last week was 72.6 per cent.

Overall, said Cunningham, the market is cooling across NSW, where days on market is growing and price and reserve price discounting is very evident.

Cunningham said the auction reporting ratio of 63 per cent was one of the lowest he has seen. The auction reporting ratio was 74 per cent the previous week.

“Could it just be lazy agents, or is there more to hide than the 69 per cent recorded clearance rate?” asked Cunningham.

“We will have to wait until mid week to find the true result,” he said, referring to the release of the adjusted auction clearance rates.

Chris Wilkins, director of Ray White Drummoyne, told SCHWARTZWILLIAMS the Drummoyne market was “boring” last week.

“We’ve definitely noticed some lack of interest and intensity from buyers,” he said.

At one auction during the week, two buyers turned up, but neither registered to bid.

Wilkins said that rather than underquoting, which receives so much media attention, agents are sometimes overquoting in the current market. With inflated prices there is little buyer interest, and vendors are rushing to accept any offers they receive, rather than the more ideal situation where buyers are competing with each other for desirable properties.

Wilkins also said vendors are holding off selling during winter. “The good properties on the market just aren’t there,” he said.

CoreLogic data shows the stamp duty concessions for first-home buyers will have a bigger impact in regional areas of NSW than in Sydney.

Over the past twelve months, 45.4% of dwellings sold across NSW cost $650,000 or less, and 58% of dwellings were sold for $800,000 or less.

In Sydney, only 25.8% of real estate sales over the past twelve months were priced at $650,000 or less.

The proportions are also different between product types. In the past twelve months, 20.0% of Sydney houses sold for $650,000 or less, while unit sales were 33.5 per cent of all sales.