Autumn Auction Results – March 2
By Michael Katsaris
March 3rd, 2024
As we step into the autumn selling season, the auction market across Australia has shown resilience and robust performance, despite a high volume of listings. The latest auction results provide a snapshot of a market that remains generally encouraging for sellers.
Adelaide led the capitals with an impressive auction clearance rate of 72%, showcasing strong buyer interest. Other major cities also reported solid results: Melbourne at 63%, Brisbane at 52%, Sydney at 70%, and Canberra at 63.3%. These figures reflect a competitive and active market environment as we transition into the cooler months.
Nationally, the auction clearance rate stood at 65%, maintaining a consistent performance with the previous weekend and slightly below the 67% recorded the same weekend last year. Although national auction numbers saw a slight decrease from last weekend’s extraordinary 2500 listings to 2200, they remain significantly higher than the 1600 listings recorded the weekend before that.
Melbourne, in particular, hosted a significant number of auctions, with a clearance rate of 63% on Saturday. This was a slight dip from the 65% recorded the previous weekend and lower than the 70% recorded over the same weekend last year. Despite this, the Melbourne market’s activity level prior to the long weekend holiday underscores the ongoing demand and the city’s dynamic property landscape.
The resilience of weekend auction markets, even with another weekend of high auction numbers, signals a robust start to the autumn selling season. These results are indicative of a market that, while facing seasonal adjustments, continues to offer opportunities for both sellers and buyers.
As we navigate through the changing seasons, staying informed on market trends and auction results will be key for those looking to engage with the property market.
Whether you’re considering selling, buying, investing or simply keeping an eye on the market, these insights can help inform your decisions in the coming months.
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