Auction Markets Tumble Following Rate Rise
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Auction Markets Tumble Following Rate Rise

With auction numbers low across the country.

By Terry Christodoulou
Mon, May 9, 2022 9:15amGrey Clock 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.



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Jennifer Lopez and Ben Affleck have officially put their massive Los Angeles mansion on the market for $68 million.

The lavish Beverly Hills property hit listing sites on Thursday, months after rumours began that the couple, who are reportedly estranged , were shopping the home around only a year after buying it for nearly $61 million.

The roughly 5-acre property—which is in a gated community and spans a massive 38,000 square feet—includes an indoor sports court with an adjacent gym and games room, according to the listing with Santiago Arana of the Agency. The firm declined to comment.

Lopez and Affleck paid $60.8 million for the compound in 2023.
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Built in 2000, the house has 12 bedrooms and a whopping 24 bathrooms. The resort-sized property has the amenities to match, including a V-shaped pool with views over the surrounding hills, a detached two-bedroom guardhouse and a 5,000-square-foot guest penthouse, according to the listing.

Listing images of the house show that Lopez and Affleck have spent the past year warming up what were fairly white-washed interiors when they purchased the home. There’s now a rich, green-painted dining room, hardwood floors and carpeted over cold, polished-stone flooring.

The couple, who got married in 2022 after reuniting some 20 years after they called off their engagement in the early 2000s, purchased the megamansion following a house hunt that went on for several months, The Wall Street Journal reported at the time.

Representatives for Lopez, 54, and Affleck, 51, did not immediately respond to requests for comment.

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