This weekend there has been a total of 842 auctions reported with a clearance rate of 66 per cent. Of the 842 auctions reported a total of 559 sold and 283 were passed in, 185 of those on a vendors bid.
The contrast with this last year at this point is interesting and helps to explain the current state of the residential auction market.
This weekend last year saw a clearance rate of 87 per cent. With a similar number of auctions the main difference is that last year interest rates were much lower as were overall prices, highlighting the impact of reduced affordability on the market.
Next weekend the REIV is expecting a similar number of auctions as this weekend before listings are reduced due to the Labour Day long weekend.
Enzo Raimondo CEO REIV TOTAL AUCTIONS
This week: 842 Last Weekend: 691 This weekend last year: 918
S Sold at Auction: 443 SB Sold before Auction: 116 SA Sold after Auction: 0
Passed in: 283 Passed in on vendor's bid: 185
Clearance rate: 66%
Postponed:11 Withdrawn: 10 Auctions with no result: 144
PS Private Sales: 592
Total Volume (Auctions): $460.98mil Total Volume (Private Sales): $294.6mil
Total Auctions Houses: 522 Clearance Rate: 64% Median Price: $810,000 Total Value: $329,353,550
Total Auctions Flats/Apartments: 304 Clearance Rate: 70% Median Price: $540,000 Total Value: $127,469,500
Total Auctions Vacant Land: 16 Clearance Rate: 88% Median Price: $205,500 Total Value: $4,161,000
