CoreLogic has released this week’s auction results for week ending 3rd December 2023.
A Snapshot of Melbourne’s Auction Results:
(from CoreLogic’s preliminary data for Week Ending 3rd December 2023 obtained 8th December 2023)
- Total Auctions: 1375
- Auction Results: 1375
- Unknown Results: 0
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 1,375 auctions in this week’s preliminary data snapshot. This snapshot provides a good indication of this week’s overall auction performance.
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 3rd December 2023 obtained 8th December 2023)
- Sold prior auction: 203
- Sold at auction: 573
- Sold after auction: 27
- Passed in: 449
- Withdrawn: 123
- Unknown Results: 0
Disclaimer: The data presented is based on available information and may be subject to updates or revisions.
The breakdown of the 1,375 properties listed for auction in Melbourne revealed: 573 properties were successfully sold on the auction day; 203 properties were sold prior to the scheduled auction; 27 properties were sold after auction via post-auction negotiations; 449 properties fell short of reaching the reserve price during the auction and passed in; 123 properties were withdrawn from the market.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 3rd December 2023 obtained 8th December 2023)
- Cleared auctions: 803
- Uncleared auctions: 572
- Clearance rate: 58.4%
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 58.4% this week. This encompasses properties sold either before the auction, on the auction day, or after. The 58.4% 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. This increase is also mirrored in this week’s auction performance – clearance rate increased from 57.7% to 58.4%, but the rate is still far from the usual 60%-70% range. The shift in the clearance rate indicates a slight increase in the proportion of properties successfully sold relative to those offered for 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: 08 December 2023