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

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