Auction Markets Tumble Following Rate Rise
With auction numbers low across the country.
2 min
Following the RBA’s decision to raise official interest rates by 0.25% last week, the capital city auction clearance rates were mostly sharply lower at the weekend.
The national auction market reported a clearance rate of 71.3% — down on last weekend’s 73.1% and well below the 83.1% recorded over the same weekend last year. It was also the lowest national clearance rate reported for the year so far.
National auction numbers also fell sharply with just 1667 homes listed nationally across the weekend compared to the previous weekend’s 2231 and well short of the 2563 reported over the same weekend last year.
Sydney’s auction clearance rates were steady, with listings falling sharply, reporting just 577 homes for auction over the weekend — well below the 822 auctioned over last weekend and well below 2021’s corresponding weekend total of 1014 listings.
It saw the NSW capital post a clearance rate of 64.6% at the weekend — similar to the 64.5% recorded last weekend but lower than the 83.5% recorded over the same weekend last year.
Sydney recorded a median price of $1,630,000 for houses sold at auction at the weekend which was lower than the $1,765,500 recorded last weekend and now 1.2% lower than the same weekend last year’s $1,650,000.
Melbourne’s market suffered more greatly, with a year-to-date low of 66.4% clearance rate – falling from 71.8% recorded the year prior and significantly lower than the 80.7% of last year’s corresponding weekend.
The Victorian capital saw just 767 homes reported listed at the weekend — well below the 1116 reported over the previous weekend.
Melbourne recorded a median price of $1,075,000 for houses sold at auction at the weekend which was higher than the $1,051,000 reported last weekend and also 2.4% higher than the $1,050,000 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson, My Housing Market.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Scheduled auctions fall to winter levels as vendors hold back on going to market
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Grand final fever and the long weekend have dampened scheduled auction activity this weekend, CoreLogic reports.
The number of homes scheduled for auction this weekend is set to halve, with 1,324 properties listed, marking the quietest week since mid June. Melbourne will experience the quietest week since Easter, CoreLogic data shows, with 223 homes prepared to go under the hammer. In Sydney, 805 properties are expected to go to market, the lowest number in seven weeks.
With long weekends in Queensland and South Australia, numbers are also down in Brisbane (111) and Adelaide (86), less than half the properties available for auction the previous week. It’s a less dramatic drop in Canberra, where 83 homes are scheduled for auction, down -22.4 percent on the previous week.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
