Auction Markets Steady
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Auction Markets Steady

Figures remain stable despite post-election surge in listings.

By Terry Christodoulou
Mon, May 30, 2022 10:07amGrey Clock 2 min

Auction clearance rates were steady on Saturday despite a forecasted surge in post-election weekend listings.

The national auction market reported a clearance rate of 67.3% at the weekend — lower than the 71.4% reported last weekend and also lower than the 82.2% recorded over the same weekend last year. This weekend’s national figure was the lowest of the year so far.

National auction numbers were higher at the weekend, following last weekend’s election day distractions. A total of 2707 homes were reported listed compared to the previous weekend’s 1137 — higher than the same weekend last year’s 2505 auctions.

Sydney’s market is stable, albeit down on last year’s figures, recording a clearance rate of 66.9% at the weekend — below the 68.9% of last weekend but lower than the 82.2% of the same weekend last year.

A total of 1013 homes were listed for auction in the NSW capital at the weekend — predictably higher than the 335 auctioned last weekend and higher than the 981 of same weekend last year.

Sydney recorded a median price of $1,720,000 for houses sold at auction at the weekend which was well ahead of the $1,600,000 recorded last weekend and 7.2% higher than the same weekend last year’s $1,605,000.

Melbourne’s market saw a small upward shift despite the surge in auction numbers.

The Victorian capital reported a clearance rate of 68.1% on Saturday — higher than the year-low of 63.8% recorded over the previous weekend but lower than the 76.5% recorded over the same weekend last year.

A total of 1320 homes were listed in Melbourne at the weekend — higher than the 594 reported over the previous weekend and higher than the 1272 listed over the same weekend last year.

Melbourne recorded a median price of $1,150,000 for houses sold at auction at the weekend which was higher than the $1,030,000 reported last weekend and 16.5% higher than the $987,500 recorded over the same weekend last year.

Data powered by Dr Andrew Wilson, 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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