Sydney and Melbourne continue to outshine other states when it comes to auction clearance rates. Both cities cleared over 70% of their listings on the weekend; as always Brisbane’s clearance rate is lower; but there’s more to Brisbane’s market than the clearance rates. Here’s a snapshot from Saturday the 3rd of May.
Sydney
The media has Sydney going through a boom, and the clearance rates from Saturday reconfirm this, but this month compared to last is down a whisker from 83% to 77%. Still healthy, but are we near the end of Sydney’s run?
| No. Reported Auctions | 406 |
| Sold | 326 |
| Withdrawn | 16 |
| % cleared | 77% |
| Total Sales | $274,879,025 |
| Median | $810,000 |
Melbourne
Melbourne interestingly had less listings to this time last month [down by 332 properties] but a simular clearance rate.
| No. Reported Auctions | 527 |
| Sold | 391 |
| Withdrawn | 6 |
| % cleared | 73% |
| Total Sales | $231,355,228 |
| Median | $650,000 |
Brisbane
Brisbane is not known for auctions, they prefer the private treaty method, so these figures don’t tell you what is really going on there. Call any buyers agent or estate agent in the area and they’ll tell you the market is very active with many properties not lasting two weeks on the market. So seeing a 35% clearance rate against 61 properties, I’d read that with a grain of salt.
| No. Reported Auctions | 61 |
| Sold | 23 |
| Withdrawn | 5 |
| % cleared | 35% |
| Total Sales | $9,724,100 |
| Median | $605,000 |
About the Author
Since 2008, David Thomas has built a business aimed at servicing the needs of property investors, owner occupiers and small business owners. David is recognised as one of the top 10 independent mortgage brokerages in the country, David and his team have settled almost billions of dollars worth of residential and investment loans over the last decade.
Known for his straightforward, relatable style, David believes by educating people about property funding; they fare better in the market. By sharing his expertise openly, some of the people he educates will likely become his clients. It's a win-win approach.
David Thomas is a credit representative (Representative Number 506153) of BLSSA Pty Ltd, ACN 117 651 760 (Australian Credit Licence 391237).