Auction Rates Slowed By Sydney Lockdown
However a number of records continued to tumble.
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Impacted by COVID restrictions in Sydney, school holidays and the onset of winter, national auction numbers were lower over the weekend.
However, despite the aforementioned hurdles, it was a record day for July with 1825 homes auctioned, nearly double the 940 listed over the same weekend last year.
The national market reported another strong clearance rate at 79.8%, which, although lower than the previous weekend’s 82.5% is significantly higher than the 66.1% reported over the same weekend last year.
All capitals reported declines in clearance rates, when compared to the previous Saturday, with the exception of Adelaide that was 0.7% higher.
COVID related withdrawals dragged the Sydney market to a year low with the NSW capital recording a clearance rate of 76.9% on Saturday – well below the previous weekend’s 83.0% and just ahead of the 75.4% recorded over the same weekend last year.
A significant 17.5% of listed auctions were reported as withdrawn on Saturday.
Sydney reported a July record 792 auctions on Saturday was significantly lower than the previous weekend’s 958 but well above the 470 recorded over the same weekend last year.
Further, Sydney recorded a median price of $1,500,000 for houses sold at auction at the weekend – marginally lower than the $1,550,000 reported over the previous Saturday but 11.9% higher than the $1,341,000 recorded over the same weekend last year.
Melbourne performed strongly, despite easing clearance rates.
A total of 853 homes were listed to go under the hammer on Saturday, well below last weekend’s pre-holiday 1320 auctions, however still a record number for a July Saturday.
Melbourne recorded a clearance rate of 76.9% – lower than the previous weekends 79.0% but higher than the 63.2% recorded over the same weekend last year.
The Victorian capital saw a median price of $1,092,000 for houses sold at auction at the weekend – higher than the $1,000,000 recorded over the previous weekend and 32.8% higher than the $822,000 of the same weekend last year.
Data powered by Dr Andrew Wilson, My Housing Market.
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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
