Clearance Rates Are Driven Down By Flood Of Listings
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Clearance Rates Are Driven Down By Flood Of Listings

It’s still a seller’s market.

By Kanebridge News
Mon, Nov 29, 2021 9:06amGrey Clock 2 min

The late season deluge of listings is predictably continuing to push clearance rates down in capitals across the country.

The national clearance rate fell to a three-month low with only Canberra reporting a result above 80% at 87.6% from 112 auctions over the weekend.

The national weekend clearance rate of 76.8% was well below the previous week’s 82.3% and just above the 75.4% recorded over the same weekend last year.

National auction numbers soared again at the weekend rising from the previous Saturday’s 2764 to November record 3165 — and well ahead of the 1740 auctioned over the same weekend last year.

Sydney clearance rates rise despite another record November auction day.

The NSW capital recorded a clearance rate of 77.2% at the weekend which was higher than the previous weekend’s 76.3% but now lower than the 80.8% recorded over the same weekend of 2020.

A record 1234 homes were listed for auction on Saturday — well ahead of the previous weekend’s 1075 and significantly higher than the 781 auctioned over the same weekend last year.

Sydney recorded a median price of $1,702,000 for houses sold at auction at the weekend which was lower than the $1,761,000 reported over the previous Saturday but 21.5% higher than the $1,401,000 recorded over the same weekend last year.

Melbourne’s weekend auction market concluded November with a near record number of listings with 1518 homes listed for auction — well ahead of the 1275 reported the previous weekend and significantly higher than the 736 auctioned over the same weekend last year.

The Victorian capital reported a clearance rate of 69.8% on Saturday which was lower than the previous weekend’s 72.5% and also lower than the 75.6% recorded over the same weekend last year.

Melbourne recorded a median price of $1,119,000 for houses sold at auction at the weekend which was higher than the $1,064,500 recorded over the previous weekend and 12.8% higher than the $992,000 recorded over the same weekend last year.

Data powered by Dr Andrew Wilson, MyHousingMarket.



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The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.

After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.

Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.

All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.

“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”

Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.

Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.

Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.

“As a result, buyers are still expected to be less committed until the dust has settled,” he said.

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