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Weekly Economic Update with Nerida Conisbee

By Ray White Whitsunday

As we head to the end of the year, we take a deeper look into our auction data for the year to see which were the most competitive suburbs, and which suburbs achieved 100 per cent clearance rates.

This year’s most competitive suburbs

The year 2021 was the most competitive year for properties selling at auction that we have ever recorded. Average active bidders for the year hit 3.6, an increase from 2.6 in 2020 and 2.4 in 2019. The city that saw the biggest jump between 2020 and 2021 was Brisbane. Despite a big uptick in auctions conducted this year (increasing from 1,344 in 2020 to 2,031 in 2021 (YTD), Brisbane also saw a big increase in the number of people actively bidding, up 54 per cent to 4.3.

It was therefore no surprise that it was a Brisbane suburb that was the most competitive. Wishart in Brisbane’s south saw the highest number of average active bidders (9.4 per auction) in Australia in 2021. The suburb is popular generally because it is in the catchment of the Mansfield State High School but also because of close proximity to retail facilities and nice parks. In 2021, it also saw its median shoot up over 17 per cent, putting it on track to hit $1 million in coming months.

At a capital city level, the suburbs that saw the most competitive bidding were generally not the most expensive. This reflects that as you get closer to the median for that city, the more people that can afford to buy in that location. Rosebud West topped the list for Melbourne and is in fact one of the most affordable suburbs in the red hot Mornington Peninsula market. In Adelaide, it was the suburb of Greenacres which has a median of $555,500. The only exception to this was Sydney – Epping certainly isn’t one of the city’s most expensive but has a median price of $2 million.

These are the suburbs with a 100 per cent clearance rate in 2021

So far this year, we have conducted 15,568 auctions with a clearance rate of 76.8 per cent, the highest we have ever recorded. Of all the suburbs that we held more than ten auctions, 37 of them (out of 611 suburbs) achieved 100 per cent clearance rates. Of all of these, Cammeray on Sydney’s Lower North Shore had the most auctions taking place – every single of the 48 auctions that took place resulted in a sale.

Source: Ray White Now

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