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Key takeaways
The opening auction weekend for 2024 has produced generally solid clearance rates for most capitals with listings well above the numbers reported over the same weekend last year.
Sydney had the strongest auction clearance rate of 75.9%.
Auction clearance results for the other capitals were:- Melbourne – 71.9%; Adelaide – 73.3%; Brisbane – 56.4% and Canberra – 52.4%.
The national auction market reported a clearance rate of 66.0% at the weekend which was well above the 58.7% reported over the last auction weekend of 2023 – and also higher than the 62.9% recorded over the same weekend last year.
Capital city weekend auction markets have commenced 2024 with generally positive results which are set to continue over coming weekends with the RBA likely to keep rates on hold over February.
The opening auction weekend for 2024 has produced generally solid clearance rates for most capitals with listings well above the numbers reported over the same weekend last year.
Auction results around Australia, Saturday February 3rd 2024:
| Capital City | This Saturday | Last Sat 2023 | ||
|---|---|---|---|---|
| Auctions | Rate | Auctions | Rate | |
| Sydney | 540 | 75.9% | 648 | 66.2% |
| Melbourne | 423 | 71.9% | 1006 | 64.7% |
| Brisbane | 94 | 56.4% | 90 | 35.5% |
| Adelaide | 102 | 73.3% | 118 | 69.0% |
| Canberra | 107 | 52.4% | 55 | 58.1% |
The national auction market reported a clearance rate of 66.0% at the weekend which was well above the 58.7% reported over the last auction weekend of 2023 – and also higher than the 62.9% recorded over the same weekend last year.
National auction numbers were encouraging at the weekend with 1266 listings compared to the last auction weekend of 2023 at 1917, but remained significantly above the 954 listed over the same weekend last year.
Capital city weekend auction markets have commenced 2024 with generally positive results which are set to continue over coming weekends with the RBA likely to keep rates on hold over February.
Sydney auction clearance results
Strong 2024 start for Sydney Weekend Auction Market
The Sydney auction market recorded a strong clearance rate to commence the 2024 season, despite a high numbers of early year listings.
Sydney recorded a clearance rate of 75.9% at the weekend which was well ahead of the 66.2% recorded over the last auction weekend of 2023 and also higher than the 70.7% recorded over the same weekend last year.
Saturday auction numbers were relatively high at the weekend with 540 listed versus the 648 auctioned over the last auction weekend of 2023, and well above the 358 listed over the same weekend last year.
Sydney recorded a median price of $1,510,500 for houses sold at auction at the weekend which was higher than the $1,350,000 recorded over the last auction weekend of 2023 and 7.9% higher than the $1,400,000 recorded over the same weekend last year.
The Lower North recorded the highest regional clearance rate at the weekend at 94.1% followed by the South West 93.8% and the Upper North Shore at 87.0%. The Central Coast reported the lowest clearance rate at 57.1%.
The clearance rate for houses was 75.8% with units similar at 75.7%.
The top reported Sydney auction sale at the weekend was a 3-bedroom unit at 8/48a Queenscliff Rd Queenscliff that sold for $3,950,000.
View top selling home here 8/48a Queenscliff Rd Queenscliff
The most affordable home reported sold at auction in Sydney at the weekend was a 2-bedroom unit at 2/101 Northumberland Rd Auburn that sold for $425,000.
Melbourne auction clearance results
Solid 2024 start for Melbourne Auction
Solid 2024 Start for Melbourne Auction Market
The Melbourne weekend auction market reported a solid start to the 2024 auction season with a robust clearance rate despite a relatively high number of early year listings.
Melbourne recorded a clearance rate of 71.9% on Saturday which was higher than the
64.7% recorded over the last auction weekend of 2023 and higher than the 71.7% recorded over the same weekend last year.
423 homes were reported listed over the weekend which was lower than the 1006 auctioned over the last auction weekend of 2023, but well ahead of the 334 listed over the same weekend last year.
Melbourne recorded a median price of $907,500 for houses sold at auction at the weekend which was lower than the $951,000 reported over the last auction weekend of 2023 and 3.3% lower than the $938,900 recorded over the same weekend last year.
Melbourne’s North East reported the top regional clearance rate on Saturday with 78.7% followed by the North at 73.8% and the Inner East 72.9% . The Inner City and South East each recorded the lowest regional rates at 68.3%.
The house clearance rate was 72.2% with units lower at 70.8%.
Melbourne’s top reported auction sale at the weekend was a 4-bedroom house that sold for $3,430,000.
View top selling home here 52 Adeney Av Kew
The most affordable home reported sold at auction in Melbourne at the weekend was a 1-bedroom unit at 3/436 Geelong Rd Footscray that sold for $180,000.
Top Brisbane Auction Results
Top Adelaide Auction Results
Top Canberra Auction Results
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