An explosive week sees almost 2000 auctions scheduled in Victoria – however, disappointing rates amid the largest markets have not abated.
This week saw an immense Victorian market, the 1,829 scheduled auctions far exceeding last week’s already colossal 1,168, as well as any figures found in the past few months – doubling many.
Also immense are the 1,420 results available, though the 50% clearance rate is only marginally up from last week’s 48%. No spike in volume can save Victoria from the downturn gripping Australia’s markets.
New South Wales
NSW also saw an increase, though not nearly as drastic as Victoria’s – 953 scheduled auctions up over 100 from last week’s 811.
The resultant 609 available results yielded a 50% clearance rate, in keeping with the disappointing rate seen last week. This is down from the high 50s seen throughout September.
With Australia’s two largest markets unable to provide more than half of recorded sellers with sales, it is a difficult time for the nation’s home-owners.
Also experiencing an increase in auctions but a decrease in sales, Queensland was host to 325 scheduled auctions and 183 available results, up from 261 and 150 respectively last week, yielding a 26% clearance rate.
Much of October and September has seen Queensland sitting steadily at roughly 33%, last week climbing to 40%, only to slump again here at October’s tail end. This is the second lowest clearance rate seen in Australia for the past week, the lowest of significant volume.
As with last week, South Australia proves the state best able to balance volume and clearance rate. The 140 scheduled auctions are sizeable for the state, yielding 81 available results and a nation-high 68% clearance rate.
With the recent REISA Awards for Excellence, SA’s most exceptional real estate professionals were celebrated – Real Estate News Group featured the agents’ tips on achieving success in one of the nation’s strongest markets.
Australian Capital Territory
The ACT has seen a lukewarm week, scheduled auctions increasing from 82 to 102, with 79 results available.
The 53% clearance rate is up from the previous 49%, but is nonetheless disappointing – throughout October and September, the ACT’s rates have declined from its 60-plus peaks, volume rising and falling sporadically. The region is suffering the same disappointing rates as larger markets, without the consistently surging volume – with luck the ACT can soon climb back to its previously consistent figures.
Seemingly unaffected by the disruptive influence affecting most of the nation, Western Australia held largely consistent with the previous week, with 41 scheduled auctions and 13 available results. Where September saw fluctuating figures and low clearance rates, this latter half of October is telling a different story.
Though the 54% clearance rate is similar to other region’s disappointing figures, in light of WA rates often dipping to a fifth, this makes for a decent rate for the state.
Often failing to escape the single digits, Northern Territory saw a comparatively sizeable week, with 16 scheduled auctions. Unfortunately, few of these were successful – of the 15 results available, only two resulted in sales, for a 13% clearance rate.
With clearance rates which have slumped to zero several times recently, these two sales are not to be dismissed – where larger states flounder and smaller states have recently gone weeks without seeing any activity at all, two successful sales are better than none.
Tasmania recorded a single scheduled auction in the past week, an auction which did not eventuate, as 185 Westbury Road sold prior to auction for an undisclosed price.
Despite the shortage of recorded real estate activity, it is unwise to write off Tasmania – recent reports show that Tasmanian suburbs are the subject of the most online searches of any Australian locations in recent years.
This uncertain week of real estate has provided enormous figures as well as a continuation of disappointing rates – which is beginning to become a potentially worrying trend.