April Auction Market Begins Steadily
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April Auction Market Begins Steadily

The major capitals of Sydney and Melbourne continue to slide.

By Terry Christodoulou
Mon, Apr 4, 2022 9:58amGrey Clock < 1 min

The national weekend auction market commenced April steadily reporting a clearance rate of 74.90% at the weekend — similar to the previous weekend’s 74.0%.

With Sydney and Melbourne posting lower results than in previous weeks with clearance rates of 69.7% and 71.7% respectively it was left to a recovering Brisbane (73.2%), Adelaide (79.9%) and Canberra (79.8%) to lift the national average.

National auction numbers were down in volumes at the weekend, with 2551 reported compared to the year-to-date high of 2866 reported over the previous weekend.

Sydney weekend market began April slowly, falling below the 70% clearance rate mark for the third time in four weekends.

The NSW capital’s clearance rate was lower than the 73.7% reported the previous weekend.

Sydney’s lowering clearance rate could be attributed to an elevated Saturday of autumn listings, with 958 auctions reported compared to the previous weekend’s 950.

The median price for a house sold at auction at the weekend was $1,800,000 — higher than the $1,613,000 reported over the previous weekend.

Melbourne fared better than Sydney with clearance rates above 70%— yet was still lower than the previous weekend’s 73.4%.

With the coming weekends filled with the usual April holiday distractions, clearance rates are likely going to continue to ease.

Melbourne reported yet another big day of auctions at the weekend with 1259 listings reported although it was lower than the previous weekend’s year-to-date high of 1353.

The Victorian capital recorded a median price of $1,134,000 for houses sold at auction at the weekend — well ahead of last weekend’s $1,100,000.

Data powered by Dr Andrew Wilson, My Housing Market.



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After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter

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The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.

After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.

Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.

All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.

“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”

Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.

Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.

Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.

“As a result, buyers are still expected to be less committed until the dust has settled,” he said.

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This stylish family home combines a classic palette and finishes with a flexible floorplan

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