THE federal election is over and the country can finally take a breath as life goes on in the property market.
If you only started paying attention to the property market last year then you might think the current softening auction metrics point to a market crash. But last year the autumn auction clearance rate was only five per cent higher than this year. There’s still one more week left of autumn this year but the clearance rate is holding steady at 70 per cent. To put this into perspective, in 2020 the autumn clearance rate was 53 per cent and the 2019 clearance rate was 47 per cent. Things have a long way to go before they hit 2019 levels.
Bidder numbers have followed a similar trajectory. Last year’s national average registered bidder number was high at 5.3 but this year’s number wasn’t too far off at 4.7 per auction on average. In 2020 that number was 3.8 and in 2019 it was 2.8 registered bidders on average.
Since the start of autumn this year, Ray White recorded 2.9 active bidders on average nationally. In the same period last year, there were 3.4 active bidders on average - compare that to 2020 when it was 2.3 and just two in 2019.
The number of listings scheduled for auction is at its highest this year since 2019 with 7,256 properties booked in to go to auction under a yellow banner. That’s an increase of more than 56 per cent since 2019 and May isn’t even over yet.
This week, the Ray White Group has 800 listings scheduled to go to auction nationally. On Saturday alone there are 457 auctions scheduled. Ray White in Sydney has 212 auctions scheduled while Ray White Melbourne has another 203 auctions booked. Ray White Brisbane has 107 auctions scheduled while Adelaide has 70 auctions booked this week.
