Kanebridge News
Kanebridge News
Share Button

Auction Markets Tumble Following Rate Rise

With auction numbers low across the country.

By Terry Christodoulou
Mon, May 9, 2022Grey 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.

MOST POPULAR

Interior designer Thomas Hamel on where it goes wrong in so many homes.

Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.

advertisement
Related Stories
Property
A Virtual Golf Venue, A Metaverse Space: Rooms You’ll Find In Future Homes
By Renee Onque 10/05/2022
Property
Neighbourhood Notes: Bronte, Sydney
By Sue Wallace 10/05/2022
Property
Turnkey Is King for Those With A ‘Move-in-Now’ Mentality
By JOHN SCOTT LEWINSKI 09/05/2022
advertisement