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Clearance Rates Hold Firm Against COVID

The national clearance rate lifted at the weekend.

By Kanebridge News
Mon, Aug 2, 2021Grey Clock 2 min

Despite Sydney being in the midst of its strictest COVID lockdown to date, the weekend auction market produced strong results for sellers.

July ended with yet another record Saturday offering for the month with all capitals reporting sharp increases in listings when compared to the previous weekend.

A total of 2203 homes were listed nationally on Saturday – up on last weekend’s 1944 and well ahead of the 919 auctioned over the same weekend last year.

The high listing numbers failed to slow the clearance rate with – 83.6% nationally – well ahead of the previous weekend’s 77.3% and the highest recorded since mid-April.

Sydney’s auction market bounced back despite lockdown woes with 623 auctions – up on last weekend’s 566. Although it is much lower than the record levels set earlier in the month.

The weekend clearance rate was also sharply higher at the weekend with the NSW capital recording 79.1% – up on last weekend’s 75.1% and higher than the 71.5% recorded over the same weekend last year.

Sydney recorded a median price of $1,700,661 for houses sold at auction at the weekend which was well above the $1,532,500 reported over the previous Saturday and 35.9% higher than the $1,251,000 recorded over the same weekend last year.

The Melbourne market saw more strong results with a 77.6% clearance rate at the weekend – sharply higher than last weekend’s 73.0%.

The strong results come in spite of a surge in listings to yet another monthly Saturday record for July – the Victorian capital recording 1264 homes listed to go under the hammer, well ahead of last weekend’s 1120.

Melbourne recorded a median price of $967,000 for houses sold at auction at the weekend which was higher than the $938,000 recorded over the previous weekend and 19.9% higher than the $806,750 recorded over the same weekend last year.

Data Powered by Dr Andrew Wilson of My Housing Market.

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By Kanebridge News
Thu, Aug 11, 2022 < 1 min

New research from Knight Frank’s International Waterfront Index shows waterfront properties are costing more than double their inland counterparts in Sydney while in Melbourne waterside properties attract a 40% premium.

Australia’s coastline attracts some of the highest waterfront premiums in the world with Sydney topping the index — an average premium of 121% — compared to an equivalent home set away from the water.

Auckland ranked second on the list of 17 international locations — a premium of 76%. The list saw Gold Coast (71%), Perth (69%) and the Cap d’Antibes (59%) on the French Riviera round out the top 5.

Australia continued to feature prominently in the research with Brisbane’s waterfront premium coming in at 55%, with Melbourne also in the top 10 at 39%.

According to Knight Frank Australia’s head of residential research, Michelle Ciesielski, there has always been strong appetite for Sydney’s waterfront homes.

Australia’s luxury residential market has advanced, it lacks the depth of prestige markets in more established global cities said Cieselski.

“As a result, our Australian cities can achieve a significantly higher premium on the waterfront compared to a similar property inland without access to, or a view of, water,” she said.

“Also, Australia is known for its balmy outdoor lifestyle, so many buyers in this super-prime space are willing to pay a premium to secure the ideal position along the waterfront.”

The data also suggests that beachfront homes were most desirable, commanding a premium of 63% compared to harbour locations fetching 62% premium and coastal homes with a 40% premium.