Auction Markets Lower On Federal Election Day
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Auction Markets Lower On Federal Election Day

Clearance rates continue to track at year-low levels.

By Terry Christodoulou
Mon, May 23, 2022 9:20amGrey Clock 2 min

With buyers distracted by the federal election, property auction clearance rates were generally lower at the weekend across the country.

The national auction market reported a clearance rate of 71.4% at the weekend — the same as reported last weekend but lower than the 82.0% recorded over the same weekend last year. Clearance rates continue to track at year-low levels.

National auction numbers were predictably lower at the weekend due to distractions on election day. Only 1137 homes were reported listed compared to the previous weekend’s 2372 and well below the same weekend last year’s number of 2333.

In Sydney, there was a small lift in clearance rates, up to 68.9% at the weekend — higher than the 64.1% recorded last weekend but well down on the 81.5% recorded this time last year.

The lift in clearance rates can be attributed to only 335 homes being listed for auction. Lower than the 810 auctioned the weekend prior and well below last year’s efforts of 949.

Sydney recorded a median price of $1,600,000 for houses sold at auction at the weekend which was lower than the $1,690,000 recorded last weekend and 1.2% lower than the same weekend last year’s $1,620,00.

Melbourne’s home auction market weakened at the weekend, reported a year-to-date low of 63.8% — a drop from the 68.78% recorded over the previous weekend and well below the 76.9% recorded over the same weekend last year.

The Victorian capital reported 594 homes listed at the weekend – lower than the 1165 reported over the previous Super Saturday weekend and well below the 1117 listed over the same weekend last year.

Melbourne recorded a median price of $1,030,000 for houses sold at auction at the weekend which was lower than the $1,203,000 reported last weekend but 3.5% higher than the $995,500 recorded over the same weekend last year.

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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35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

11 ACRES ROAD, KELLYVILLE, NSW

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

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