A week of favourable volume sees disappointing clearance rates, Australia’s most robust markets offering homes a fifty-fifty chance of selling.
Victoria, as per usual, saw the most auctions in Australia, climbing over 1,000 as in September, with 1,168 scheduled auctions and 894 results available.
The 48% clearance rate, however, is the lowest Victoria has seen in recent times – Australia’s shaky real estate market evident in the performance of the most influential states.
New South Wales
New South Wales too sees high volume with a middling clearance rate, an impressive 811 scheduled auctions falling short of September’s peaks, when NSW almost matched Victoria in volume. Of 522 available results, a disappointing 51% clearance rate is yielded.
While this figure leaves something to be desired, the state’s most lucrative sales do not – NSW was host to Australia’s highest-selling home for the week, 52 King William Street in Greenwich finding a $5,750,000 price.
Hugh Macfarlan and David Hill of Raine&Horne acquired this immense selling price for the refined multi-storey family home. The product of multiple experts, with design by Michael Suttor and gardens from Paul Bangay, featuring expansive spaces, flourishes of luxury such as fireplace and Koi pond, and Harbourside location, this home earns this immense figure.
Moving to Australia’s less enormous markets, Queensland was host to 261 scheduled auctions, with 150 results available, these figures uniform with previous weeks.
The clearance rate sees a slight spike, with most of October and September struggling to surpass a clearance rate of a third – this week’s 40% clearance rate is not a resounding success, but an improvement.
South Australia was host to 141 scheduled auctions this week, with 75 results available. Coupled with a 63% clearance rate, this makes for a favourable week of real estate activity for the state – the clearance rate is the highest Australia has to offer.
Throughout 2017, SA rarely managed to climb far beyond 100 scheduled auctions without its clearance rate suffering, this week a favourable departure.
Australian Capital Territory
The ACT saw a dip this week, a standard 82 scheduled auctions and 68 available results giving rise to a disappointing 49% clearance rate, where the region usually manages 60-plus figures.
With luck, this is an anomaly, and future weeks will see a return to its typically consistent market.
Western Australia, its comparatively small market often giving rise to fluctuating rates, saw 42 scheduled auctions – a sizeable haul compared to previous weeks. This is an increase from the state’s usual 30-to-40 range, the 18 results available yielding a similarly increased 56% clearance rate.
This represents a favourable week for the state.
The Northern Territory saw a modest week of real estate. Of the two scheduled auctions, one result is available, this result a sale. The state rarely sees scheduled auctions in excess of the single digits, this showing particularly subdued.
The state’s single sale was located in the City of Darwin, a market which is performing well at the moment, data concerning the area’s most in demand suburbs recently released.
Tasmania saw no recorded real estate activity for this period.
This real estate period saw some of the country’s largest and smallest states flounder, volume mostly robust, while clearance rates dropped. It is Australia’s mid-range markets, most notably South Australia with the week’s highest 63% clearance rate, which are holding true.