Auction Markets Still Strong Nationwide
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Auction Markets Still Strong Nationwide

The national clearance rate increased at the weekend.

By Kanebridge News
Mon, Aug 23, 2021Grey Clock < 1 min

Capital city auction markets reported more strong results at the weekend with little signs of easing.

A total of 1943 auctions were reported listed nationally at the weekend, August 21, higher than the previous weekend’s 1872 and significantly higher than the 684 auctions over the same weekend last year.

The national clearance rate also increased at the weekend – up to 80.7% compared to the previous Saturday’s 78.2%.

Sydney provided a strong clearance rate of 86.3% albeit from a relatively scarce selection of just 412 homes offered for sale on Saturday – down on the previous weekend’s 472 auctions.

Fewer auction withdrawals however continue to support higher clearance rates with the withdrawal rate falling to 12% on Saturday – less than the previous two weekends of 13.1% and 14.6%.

Sydney recorded a median price of $1,878,000 for houses sold at auction, well above the $1,626,250 reported over the previous Saturday and 40.4% higher than the 1,337,500 recorded for the corresponding weekend last year.

Melbourne’s auction market held the line on Saturday despite increasing lockdown restrictions.

The Victorian capital recorded a clearance rate of 64.9% – just below the previous weekend’s 66%.

The poor results were a reflection of shutdown-related withdrawals – rising from the previous weekend’s 41.5% to a remarkable 52.6%.

Listing numbers were higher at the weekend, up from the previous weekend’s 1138 to 1273.

The median price for a house sold at auction in Melbourne at the weekend was $1,018,000 – lower than the $1,085,000 recorded over the previous weekend.

Data powered by Dr Andrew Wilson, My Housing Market.

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By Kanebridge News
Thu, Aug 11, 2022 < 1 min

New research from Knight Frank’s International Waterfront Index shows waterfront properties are costing more than double their inland counterparts in Sydney while in Melbourne waterside properties attract a 40% premium.

Australia’s coastline attracts some of the highest waterfront premiums in the world with Sydney topping the index — an average premium of 121% — compared to an equivalent home set away from the water.

Auckland ranked second on the list of 17 international locations — a premium of 76%. The list saw Gold Coast (71%), Perth (69%) and the Cap d’Antibes (59%) on the French Riviera round out the top 5.

Australia continued to feature prominently in the research with Brisbane’s waterfront premium coming in at 55%, with Melbourne also in the top 10 at 39%.

According to Knight Frank Australia’s head of residential research, Michelle Ciesielski, there has always been strong appetite for Sydney’s waterfront homes.

Australia’s luxury residential market has advanced, it lacks the depth of prestige markets in more established global cities said Cieselski.

“As a result, our Australian cities can achieve a significantly higher premium on the waterfront compared to a similar property inland without access to, or a view of, water,” she said.

“Also, Australia is known for its balmy outdoor lifestyle, so many buyers in this super-prime space are willing to pay a premium to secure the ideal position along the waterfront.”

The data also suggests that beachfront homes were most desirable, commanding a premium of 63% compared to harbour locations fetching 62% premium and coastal homes with a 40% premium.