Auction Market Ends March On A High
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Auction Market Ends March On A High

Sydney’s market bounced back at the end of the month.

By Terry Christodoulou
Mon, Mar 28, 2022 9:17amGrey Clock 2 min

While the month of March has seen the auction markets, especially on the east coast, disturbed with holiday distractions and extreme weather events, the final weekend of the month saw solid results for most sellers generally.

The national auction market reported a clearance rate of 74.0% at the weekend  —similar to the previous weekend’s 75.1% but lower than the 85.2% recorded over the same weekend last year.

National auction numbers were higher again at the weekend with a year-to-date high of 2686 reported listed comparted to the previous weekend’s 2475. This is well below the 3118 reported over the same Saturday last year.

The Sydney market bounced back to end the month higher, posting a clearance rate of 72.7% at the weekend – higher than the 69.6% reported over the previous weekend but lower than the remarkably high 90.4% result reported over the same weekend last year.

Sydney’s higher clearance rate was reported despite a surge in listings with 950 auctions reported compared to the previous weekend’s 866. Both figures sit below the 1227 auction over the same weekend last year.

Sydney recorded a median price of $1,613,000 for houses sold at auction at the weekend which was lower than the $1,757,000 reported over the previous weekend but 2.5% higher than the $1,573,000 recorded over the same weekend last year.

Melbourne reported a year-to-date high of 1353 homes listed for auction at the weekend – higher than the previous weekend’s 1290 but lower than the 1593 auctioned over the same weekend last year.

The Victorian capital recorded a clearance rate of 73.4% this weekend, up on the previous weekend’s 69.9% but well below the 83.7% recorded over the same weekend last year.

Melbourne recorded a median price of $1,100,000 for houses sold at auction at the weekend which was similar to last weekend’s $1,115,000 but 8.4% higher than the $1,015,000 recorded over the same weekend last year.

Data powered by Dr Andrew Wilson, My Housing Market.



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Home values continue their upwards trajectory, recording the strongest monthly growth in 18 months, CoreLogic data shows.

The property data provider reports that their Home Value Index has noted a third consecutive rise in values  in May, accelerating 1.2 percent over the past month. This is on the back of a 0.6 percent increase in March and 0.5 percent rise in April.

Sydney recorded the strongest results, up 1.8 percent, the highest recorded in the city since September 2021. The fall in Sydney’s home values bottomed in January but have since accelerated sharply by 4.8 percent, adding $48,390 to the median dwelling value.

Melbourne recorded more modest gains, with home values increasing by 0.9 percent, bringing the total rise this quarter to 1.6 percent. It was the smaller capitals of Brisbane (up 1.4 percent) and Perth (up 1.3 percent) that reported stronger gains.

CoreLogic research director Tim Lawless said the lack of housing stock was an obvious influence on the growing values.

 “Advertised listings trended lower through May with roughly 1,800 fewer capital city homes advertised for sale relative to the end of April. Inventory levels are -15.3 percent lower than they were at the same time last year and -24.4 percent below the previous five-year average for this time of year,” he said.

“With such a short supply of available housing stock, buyers are becoming more competitive and there’s an element of FOMO creeping into the market. 

“Amid increased competition, auction clearance rates have trended higher, holding at 70 percent or above over the past three weeks. For private treaty sales, homes are selling faster and with less vendor discounting.” 

Vendor discounting has been a feature in some parts of the country, particularly prestige regional areas that saw rapid price rises during the pandemic – and subsequent falls as people returned to the workplace in major centres.

The CoreLogic Home Value Index reports while prices appear to have found the floor in regional areas, the pace of recovery has been slower.

“Although regional home values are trending higher, the rate of gain hasn’t kept pace with the capitals. Over the past three months, growth in the combined capitals index was more than triple the pace of growth seen across the combined regionals at 2.8% and 0.8% respectively,” Mr Lawless said.

“Although advertised housing supply remains tight across regional Australia, demand from net overseas migration is less substantial. ABS data points to around 15% of Australia’s net overseas migration being centred in the regions each year. Additionally, a slowdown in internal migration rates across the regions has helped to ease the demand side pressures on housing.”

 

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