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Massive Auction Surge

Massive Auction Surge

More sellers are choosing to take their properties to auction, with September recording the highest number of auctions in more than a year.

Domain’s September Auction report shows across the combined capital cities 9518 properties were offered for auction during the month, while 1340 were offered in regional locations. It was the highest number of capital city auctions since May 2022 and the highest number of regional auctions since December 2022. Domain chief of research and economics, Dr Nicola Powell, says the increase in listings for auction is a result of recent strong clearance rates.

During September Adelaide had the highest clearance rate of 74.5%, followed by Sydney, 67.4%, Melbourne 64%, Canberra, 52.4% and Brisbane, 46.2%. “The September auction performance shows Australia’s housing market is in the continued recovery,” Powell says. The report also shows a lower proportion of properties sold before auction, which Powell says indicates sellers are less likely to accept offers before auction day due to increasing competition between buyers.

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