Auction Results On Maintained Ascent
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Auction Results On Maintained Ascent

Further record results for the March 13 weekend as the property surge continues.

By Terry Christodoulou
Mon, Mar 15, 2021 7:00amGrey Clock < 1 min

In yet another weekend of unprecedented results, Saturday (March 13) saw three capital cities record auction clearance rates above 90%.

Sydney (90.6%), Adelaide (90.9%) and Canberra (93.4%) led the national results.

It is the second time in three weekends that the Sydney market sat above 90%, reporting 716 auctions, a rise on the 655 of the weekend prior and the 644 12 months earlier.

Sydney’s results saw rates of 90.4% for houses and 90.3% for units — with a median house price from the weekend’s results of $1,550,000.

Melbourne, meanwhile, returned from a holiday weekend with a surge in listings. 978 homes were reported for auction, well above last weekend’s 405, though still below the 1090 offered on the same weekend last year.

Melbourne returned a clearance rate of 81.5%, up on last weekend’s 80.6%. The Victorian Capital recorded a median house price of $1,100,000 for weekend sales — up on the previous weekend’s $948,000.

Data powered by Dr Andrew Wilson of


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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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