There were 921 properties taken to auction across the combined capital cities this weekend, considerably more than last weekend when 749 auctions were held, and much the same as the 925 auctions conducted this time last year.

The combined capital city preliminary auction clearance rate was recorded at 67.8% across 686 auction results reported so far, a bit weaker than last week’s preliminary result (72.7%) which later revised down to 65.5%.

Only seven of the thirtytwo properties listed for auction in Melbourne sold this weekend and there is no reason to expect a better result at least until the end of November.

This time last year saw a final national clearance rate of 70.5%.

Sydney:

The harbour city was host to 732 auctions this week, up from 601 auctions conducted over the previous weekend and much the same as the 744 Sydney properties put to auction this time last year.

Of the 545 Sydney auction results collected so far, 380 have returned a successful result, a sign of the firm Sydney auction market.

The preliminary auction clearance rate of 69.7% will be revised lower to around the mid 60%’s as the remaining auction results are collected.

Last week, a final clearance rate of 65.2% was recorded for Sydney, while one year ago, a very strong success rate of 74% was achieved across Sydney.

As you can see from the following chart provided by Dr. Andrew Wilson’s Auction Insider, Sydney’s inner west was the strongest performing region in terms of number of auctions held and the end results.

Realestate.com.au reported that there were also 1615 private sales in New South Wales this week, much the same as the number sold last week (1,609) and the 1,541 properties sold by private treaty the week before.

Melbourne:

In Melbourne, only 32 homes were scheduled for auction this week, obviously very different to the number of properties that would normally be taken to auction.

I’m surprised that any Melbourne auctions were conducted because of the lockdown. In fact, Melbourne auctions are likely to peter out over the next few months.

Not surprisingly 17 properties listed for auction were withdrawn this weekend.

Of the 28 Melbourne auctions reported so far, 7 were successful.

Last week only 4 of the 12 Melbourne auctions were successful.

Realestate.com.au reported that there were also 666 private sales in Victoria this week – an impressive number considering the lockdown, but fewer than than the number sold last week (711) and the 691 properties sold by private treaty the week before in the earlier stages of Melbourne’s lockdown.

Here are the preliminary auction clearance rates as reported by Domain

As always these will be lower by mid week when the auction results that are not yet reported are taken into account.

Obviously in this time of market flux these figures are really not a useful indicator of market trends as they once were.

Sydney real estate auction trends

The following chart from Dr Andrew Wilson shows Sydney’s auction market trend over this year.

Melbourne real estate auction trend

The following chart from Dr Andrew Wilson shows Melbourne’s auction market trend over this year.

Comments by Dr. Andrew Wilson

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