Auctions are still proving to be one of the most successful ways to sell property in Adelaide’s hot market despite the city’s clearance rate easing slightly over the past few months.
CoreLogic’s latest Quarterly Auction Market Review reveals 76.7 per cent of the 1737 properties that went under the hammer across the city in the June quarter sold.
The figure was down slightly on the 79.8 per cent clearance rate recorded on 894 auctions in the three months to March, but it was still among the highest in the country.
Canberra and Sydney were the only other capital cities to record a higher clearance rate, at 88.3 per cent and 78.4 per cent respectively.
Ray White SA chief auctioneer John Morris said auctions were one of the best ways to sell property across the state at the moment.
With demand for property still strong, he said competition at auctions was fierce.
“There are lots of people I’m seeing again and again at auctions who just keep missing out,” he said.
“Their budgets increase throughout the time I see them too.”
“I can’t see 2021 slowing down at all – my auction bookings are as strong as they are in the spring.”
Mr Morris said even Adelaide’s latest Covid-19 lockdown wasn’t enough to stop househunters from bidding at online auctions, with all of his well received on the weekend.
“The 18 I had going ahead for the week all went ahead,” he said.
“That’s due to the fact that we were used to it from the last two lockdowns.
“There were people jumping from one to the next.”
Nationally, the combined capital city clearance rate reached 75.7 per cent on 31,605 auctions in the June quarter.
While it was down on the previous quarter’s result, CoreLogic research head Eliza Owen said it was “well above” the historic average clearance rate of 63.5 per cent.
“The strong result also coincided with a 6.2 per cent uplift in dwelling values across the combined capitals, well above the previous decade average quarterly growth rate of 1 per cent,” she said.
“Despite the strong result, there has been an easing in the clearance rate from the March quarter, when 80 per cent of properties sold.
“This reflects a broader loss of momentum in the Australian housing market, as affordability constraints set in, and March looks to be a peak period of growth for the current cycle.”