Auction Clearance Rates Steady Despite Rate Rise
Strong performances in Melbourne, Adelaide and Canberra lifted the national average.
Strong performances in Melbourne, Adelaide and Canberra lifted the national average.
Following on from the rate rise early last week, the weekend’s auction market remained resilient, despite a lack of listings reflecting the growing unease of sellers.
The national auction market reported a clearance rate of 60.9% at the weekend — lower than the 62.0% reported last weekend and well below the 81.5% recorded over the same weekend last year.
National auction volumes were lower at the weekend with only 1202 listings compared to last weekend’s 1543 and significantly lower than the same weekend last year’s 2100 auctions.
The Sydney market eased at the weekend, following the previous week’s slight uptick.
The Harbour City recorded a clearance rate of 57.8% at the weekend — lower than the 62.5% of the previous weekend and well behind the 83.0& of the same weekend last year.
Auction numbers too were down on the previous weekend – only 421 reported compared to 570 and well below the 532 auctioned over the same weekend last year.
Sydney recorded a median price of $1,470,000 for houses sold at auction at the weekend — lower than the $1,497,000 recorded last weekend and 8.4% down on the same weekend last year’s figure of $1,605,000.
Melbourne’s weekend auction market saw another solid result, with a clearance rate of 62.1% — slightly higher than the previous weekend’s 60.5% but lower than the 71.7% over the same weekend last year.
A total of 550 homes were recorded listed at the weekend in the Victorian capital — significantly lower than the 692 reported over the previous weekend and well below the 1301 listed over the same weekend last year.
Melbourne recorded a median price of $968,500 for houses sold at auction at the weekend — similar to the $970,000 reported last weekend and just 0.9% higher than the $960,000 recorded over the same weekend last year.
Elsewhere around the country, Brisbane failed to reach a clearance rate of 50%, managing to clear only 46% of the 84 listings recorded, while Adelaide and Canberra both performed strongly with rates of 72.5% and 66.2% respectively.
Data powered by Dr Andrew Wilson, Myhousingmarket.com
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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
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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