Australian auction results heat up in time for spring
Home auction results rebound across the country despite a quiet weekend in Melbourne
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Australian auction results are on the up with the combined clearance rates across the capitals reaching beyond 60 percent for the fourth week running, CoreLogic data shows.
Head of research for CoreLogic Asia Pacific, Tim Lawless said preliminary data from the weekend revealed Sydney clearance rates have improved from a recent low of 50 percent in the last week of July to between 56 percent and 60 percent through to September.
The same improvements were evident in Melbourne, which had a recent low of 52 percent over the second last week of July but has now risen to between 61.9 percent and 62.7 percent through September to date.
“Reading through the weekly volatility, the trend in clearance rates has shown a clear improvement, but still remains below the long run average across the major auction markets,” he said.
Although there is no clear reason for the increased activity, Mr Lawless said it may be due to buyers being more willing to meet the market and vendors hoping for an early sale before the spring market kicks into high gear.
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Monthly electric vehicle deliveries at NIO , XPeng , and Li Auto set a record in November. Things are looking even better for December.
EV demand isn’t an issue in China. Pricing, however, continues to be a struggle.
Sunday, NIO reported 20,575 deliveries for November, up about 29% from a year ago. Based on recent guidance, given with third-quarter earnings , NIO expects to deliver about 32,000 cars in December, a record, and up about 77% from a year ago.
Li reported 48,740 deliveries for November, up about 19% from a year ago. Based on recent guidance from Li’s third-quarter earnings , the company should deliver about 65,000 cars in December, up 29% from a year ago.
XPeng delivered 30,895 vehicles in November, up about 54% from a year ago. The midpoint of its fourth-quarter guidance, given on its third-quarter earnings report, was 89,000 cars, implying December deliveries of about 34,000 units.
December’s implied numbers would be a record for all three auto makers. EV demand in China is still solid. The bigger problem is competition. Citi analyst Jeff Chung recently wrote that the Chinese car market is still concerned about a “potential price war in 2025.”
He projects 2024 all-electric vehicle sales of 7.8 million units, up about 28% from 2023. Sales in 2025 should be up another 17% to 9.1 million cars. The problem: The industry has the capacity to make 28 million all-electric cars annually, according to Chung’s calculations. Capacity utilization that low typically isn’t great for profit margins.
At least there is demand. Combined, the three Chinese EV makers sold 100,210 vehicles in November. That’s a monthly record. December guidance implies about 131,000 cars sold, another record.
Coming into Monday trading, NIO stock was down about 51% this year while the S&P 500 was up about 26%. XPeng and Li shares were down 17% and 37%, respectively.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
