Auction Markets Ease
Make no mistake, it’s still red hot.
2 min
The country’s auction markets have eased slightly at the weekend, yet results clearly remain in favour of sellers as the spring boom rolls on.
The national weekend clearance rate was lower for the second consecutive weekend – down from 86.1% to 83.9% — but is still well above the 70.7% reported over the same weekend last year.
Higher auction numbers may be contributing to an easing of clearance rates with numbers up from the previous Saturday’s 1858 to 1970 – more than double the 916 auctioned over the same weekend last year.
The Sydney market was lower again at the weekend, down from the previous weekend’s 86.6% to 83.6%. This result is still higher than the 78.6% recorded over the same weekend last year.
It’s the first time in six weekends that Sydney’s clearance rate has fallen below 85%.
Auction numbers were up, with 677 homes were listed for auction at the weekend — higher than the previous weekend’s 618 and up on the 639 auctioned over the same weekend last year.
Sydney recorded a median price of $1,675,000 for houses sold at auction at the weekend which was again lower than the $1,712,500 reported over the previous Saturday but 22.3% higher than the $1,370,000 recorded over the corresponding weekend in 2020.
Melbourne’s market is on the ascent with the Victorian capital posting a clearance rate of 77.0% on Saturday — similar to the previous weekend’s 76.6%, and well ahead of the 63.0% recorded over the same weekend last year.
A total of 993 homes were listed for auction at the weekend which was up when compared to the 932 from the previous weekend.
Melbourne recorded a median price of $969,500 for houses sold at auction at the weekend which was again lower than the $1,060,000 recorded over the previous weekend but 16.4% higher than the $833,000 recorded over the same weekend last year.
Record-level clearance rates however may ease over coming months as the typical wave of late season listings hits the markets – amplified by the easing of lockdown restrictions.
Data powered by Dr Andrew Wilson of My Housing Market.
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In signs that confidence is returning to the Australian property market, the combined capitals recorded their highest preliminary clearance rates since April last year, CoreLogic reports.
More than 2,290 homes went to market across capital cities last weekend with early data revealing a 71 percent clearance rate. This compares with a revised clearance rate of 64.2 percent last week. It marks the second busiest auction week to date this year.
Melbourne led the way, with 1,122 homes taken to auction. Of the 916 results collected so far, 73.5 percent were successful. It was a similar story in Sydney, with 791 homes to go under the hammer. Preliminary results indicate a clearance rate of 71.5 percent.
The smaller capitals including Brisbane, Adelaide and Canberra all experienced higher clearance rates week on week, with Adelaide out in front at 78.6 percent. It was a less spectacular result in Canberra, with a 59 percent clearance rate and in Brisbane at 56 percent.
In Perth, just three of the 13 auctions tallied so far were successful.
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