Auction Markets Lower On Federal Election Day
Clearance rates continue to track at year-low levels.
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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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
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2 min
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This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
