CoreLogic has released this week’s auction results for week ending 19th November 2023.
A Snapshot of Melbourne’s Auction Results:
(from CoreLogic’s preliminary data for Week Ending 19th November 2023 obtained 24th November 2023)
- Total Auctions: 1410
- Auction Results: 1406
- Unknown Results: 4
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 1,410 auctions in this week’s preliminary data snapshot. This snapshots provides a good indication of this week’s overall auction performance (despite the 4 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 19th November 2023 obtained 24th November 2023)
- Sold prior auction: 240
- Sold at auction: 574
- Sold after auction: 47
- Passed in: 456
- Withdrawn: 89
- Unknown Results: 4
Disclaimer: The data presented is based on available information and may be subject to updates or revisions.
The breakdown of the 1,410 properties listed for auction in Melbourne revealed: 574 properties were successfully sold on the auction day; 240 properties were sold prior to the scheduled auction; 47 properties were sold after auction via post-auction negotiations; 456 properties fell short of reaching the reserve price during the auction and passed in; 89 properties were withdrawn from the market.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 19th November 2023 obtained 24th November 2023)
- Cleared auctions: 861
- Uncleared auctions: 545
- Clearance rate: 61.2%
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 61.2% this week. This encompasses properties sold either before the auction, on the auction day, or after. The 61.2% clearance rate suggests a relatively balanced market.
Compared to last week’s preliminary results:
Total auction numbers increased by over 200 this week. Despite the increase in auction numbers, auction performance is similar to last week’s – 61.2% compared to 60.7% clearance rate.
Date revised: 24 November 2023