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.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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Scheduled auctions fall to winter levels as vendors hold back on going to market
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Grand final fever and the long weekend have dampened scheduled auction activity this weekend, CoreLogic reports.
The number of homes scheduled for auction this weekend is set to halve, with 1,324 properties listed, marking the quietest week since mid June. Melbourne will experience the quietest week since Easter, CoreLogic data shows, with 223 homes prepared to go under the hammer. In Sydney, 805 properties are expected to go to market, the lowest number in seven weeks.
With long weekends in Queensland and South Australia, numbers are also down in Brisbane (111) and Adelaide (86), less than half the properties available for auction the previous week. It’s a less dramatic drop in Canberra, where 83 homes are scheduled for auction, down -22.4 percent on the previous week.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
