CoreLogic has released this week’s auction results for week ending 10th December 2023.
A Snapshot of Melbourne’s Auction Results:
(from CoreLogic’s preliminary data for Week Ending 10th December 2023 obtained 15th December 2023)
- Total Auctions: 1415
- Auction Results: 1412
- Unknown Results: 3
Disclaimer: The data presented is based on available information and may be subject to updates or revisions.
Melbourne’s real estate market witnessed a total of 1,415 auctions in this week’s preliminary data snapshot. This snapshot provides a good indication of this week’s overall auction performance(despite the 3 unknown results).
The complete data will be released by Corelogic.
A Breakdown of Melbourne’s Auction Results:
(based on known results from CoreLogic’s preliminary data for Week Ending 10th December 2023 obtained 15th December 2023)
- Sold prior auction: 219
- Sold at auction: 537
- Sold after auction: 37
- Passed in: 483
- Withdrawn: 136
- Unknown Results: 3
Disclaimer: The data presented is based on available information and may be subject to updates or revisions.
The breakdown of the 1,415 properties listed for auction in Melbourne revealed: 537 properties were successfully sold on the auction day; 219 properties were sold prior to the scheduled auction; 37 properties were sold after auction via post-auction negotiations; 483 properties fell short of reaching the reserve price during the auction and passed in; 136 properties were withdrawn from the market.
The number of properties sold prior to auction indicates a notable level of pre-auction confidence among buyers. The mix of sold prior, on the day, and post-auction sales showcases the need for flexibility in approach to meet varying buyer preferences. Additionally, the number of properties passed in suggests challenges in the market. Influencing factors may include pricing, market sentiment, or economic conditions.
The Clearance Rate:
(based on known results from CoreLogic’s preliminary data for Week Ending 10th December 2023 obtained 15th December 2023)
- Cleared auctions: 793
- Uncleared auctions: 619
- Clearance rate: 56.2%
Disclaimer: The data presented is based on available information and may be subject to updates or revisions.
The clearance rate, a key metric indicating the proportion of properties successfully sold, stood at 56.2% this week. This encompasses properties sold either before the auction, on the auction day, or after. The 56.2% clearance rate suggests a relatively balanced market.
A balanced market occurs when demand for properties aligns closely with the available supply. This equilibrium suggests a healthy and competitive environment, with both buyers and sellers actively participating in the real estate transactions throughout the week. Such a balanced market often fosters fair competition, contributing to a dynamic and stable real estate landscape.
Compared to last week’s preliminary results:
Total auction numbers increased slightly this week. Despite the increase in total auctions, this week’s auction performance has declined – clearance rate decreased from 58.4% to 56.2%. This rate is still far from the typically 60%-70% range which was common throughout the year. The shift in the clearance rate indicates a slight decrease in the proportion of properties successfully sold via auction. This change might be influenced by various factors, such as fluctuations in buyer demand, evolving market conditions, or adjustments in seller expectations.
Examining the connection between the total auction numbers and the clearance rate offers valuable insights into the current real estate market. It encourages a more detailed exploration of the factors shaping buyer and seller actions. This analysis helps illuminate the intricate equilibrium between supply and demand within property transactions for this specific week.
Date revised: 15 December 2023