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, 2021 11:24amGrey 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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Australian house values continue to fall – but the pace of decline has slowed

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House values continued to fall last month, but the pace of decline has slowed, CoreLogic reports.

In signs that the RBA’s aggressive approach to monetary policy is making an impact, CoreLogic’s Home Value Index reveals national dwelling values fell -1.0 percent in November, marking the smallest monthly decline since June.

The drop represents a -7.0 percent decline – or about $53,400 –  since the peak value recorded in April 2022. Research director at CoreLogic, Tim Lawless, said the Sydney and Melbourne markets are leading the way, with the capital cities experiencing the most significant falls. But it’s not all bad news for homeowners.

“Three months ago, Sydney housing values were falling at the monthly rate of -2.3 percent,” he said. “That has now reduced by a full percentage point to a decline of -1.3 percent in November.  In July, Melbourne home values were down -1.5 percent over the month, with the monthly decline almost halving last month to -0.8%.”

The rate of decline has also slowed in the smaller capitals, he said.  

“Potentially we are seeing the initial uncertainty around buying in a higher interest rate environment wearing off, while persistently low advertised stock levels have likely contributed to this trend towards smaller value falls,” Mr Lawless said. “However, it’s fair to say housing risk remains skewed to the downside while interest rates are still rising and household balance sheets become more thinly stretched.” 

The RBA has raised the cash rate from 0.10 in April  to 2.85 in November. The board is due to meet again next week, with most experts still predicting a further increase in the cash rate of 25 basis points despite the fall in house values.

Mr Lawless said if interest rates continue to increase, there is potential for declines to ‘reaccelerate’.

“Next year will be a particular test of serviceability and housing market stability, as the record-low fixed rate terms secured in 2021 start to expire,” Mr Lawless said.

Statistics released by the Australian Bureau of Statistics this week also reveal a slowdown in the rate of inflation last month, as higher mortgage repayments and cost of living pressures bite into household budgets.

However, ABS data reveals ongoing labour shortages and high levels of construction continues to fuel higher prices for new housing, although the rate of price growth eased in September and October. 

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