Australian Property Market Records Largest Auction Surge Since May 2022

Javier Valdez — Mon, 06 Nov 2023 14:16:19 +0000

September was a bumper month for Australia’s auction market, with well over 10,000 homes heading under the hammer. According to the Domain Auction Report September 2023, auction volumes for the combined capitals came in at 9,518 and auction volumes for the combined regionals were 1,340.

The combined capitals recorded its strongest pace of monthly growth since October 2021, the strongest annual growth since April 2022, and the highest volume since May 2022.

The combined regionals saw the highest auction volumes since December 2022.

“The lift in auction listings is driven by stronger clearance rates and property market conditions, motivating sellers to list,” said Domain chief of research and economics, Dr Nicola Powell.

“This was highlighted when auction listings started ramping up earlier during the winter months, and the official start of the spring selling season saw higher volumes than last year.”

Auction volumes for September 2023

Location	Auction volume
Combined Capitals	9,518
Combined Regionals	1,340
Sydney	4,215
Melbourne	3,714
Brisbane	580
Adelaide	561
Canberra	384
Perth	54
Hobart	–
Darwin	10

Source: Domain.

As volumes rose, clearance rates fell. The combined capitals recorded a clearance rate of 64.5%, and the combined regionals recorded a clearance rate of 44.6%.

Auction performance for September 2023

Location	Clearance rate	Monthly change	Annual change	Auction volume	Sold at auction	Passed in	Sold prior	Withdrawn
Combined Capitals	64.50%	-2.1ppt	8.7ppt	9,518	5,787	1,938	18.90%	13.90%
Combined Regionals	44.60%	-0.5ppt	2.6ppt	1,340	501	403	10.80%	19.60%
Sydney	67.40%	-1.0ppt	11.7ppt	4,215	2,635	562	27.10%	18.30%
Melbourne	64.00%	-1.6ppt	5.9ppt	3,714	2,328	939	13.40%	10.20%
Brisbane	46.20%	-10.7ppt	4.2ppt	580	235	205	11.40%	13.60%
Adelaide	74.50%	-1.8ppt	12.1ppt	561	386	100	8.70%	6.20%
Canberra	52.40%	-9.0ppt	-2.5ppt	384	184	119	12.00%	13.70%
Perth	–	–	–	54	13	11	–	–
Hobart	–			–	–	–	–	–
Darwin	–		–	10	6	2	–	–

Geographies are ABS GCCSA. Auction reporting rates are 92.8% in Sydney, 98.0% in Melbourne, 87.8% in Brisbane, 92.3% in Adelaide and 91.4% in Canberra. Source: Domain.

“The September auction performance shows Australia’s housing market is in the continued recovery,” said Dr Powell.

“While clearance rates have fallen, they remain high relative to recent years. This drop in clearance rates is driven by increased auction listings for the third consecutive month, providing prospective buyers with more choices – helping to ease competition and urgency.”

Combined capitals and combined regionals clearance rate, by month

Source: Domain.

The number of properties sold prior to auction fell to its lowest point this year in September. Domain’s report noted that:

“A lower proportion of sold prior indicates that sellers are less likely to accept offers before auction day due to increasing competition between buyers.”

Properties withdrawn from auction increased this month to their highest point this year. However, it remains low compared to recent years.

Median auction prices rose for houses, while the unit market recorded mixed results.

Median auction price and respective changes for September 2023

Location	Houses			Units
Location	Median	Monthly change	Annual change	Median	Monthly change	Annual change
Sydney	$1,659,125	0.9%	0.5%	$903,987	0.8%	–
Melbourne	$1,055,400	0.2%	2.4%	$650,127	-0.3%	–
Brisbane	$1,378,085	1.7%	–	$731,750	9.2%	–
Adelaide	$881,612	0.2%	–	–	–	–
Canberra	$1,120,348	3.4%	–	–	–	–

Source: Domain.

Source : ThePropertyTribune

The post Australian Property Market Records Largest Auction Surge Since May 2022 appeared first on Amora Escapes.

Auction Archives - Amora Escapes

Australian Property Market Records Largest Auction Surge Since May 2022