Clearance Rates Hold Steady
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Clearance Rates Hold Steady

Despite a record number of December listings.

By Kanebridge News
Mon, Dec 6, 2021 9:10amGrey Clock 2 min

December has commenced with yet another wave of weekend auction listings, yet clearance rates — that have eased over recent weeks — remained steady with sellers maintaining the upper hand.

The national auction market reported a clearance rate of 76.8% — the same as the previous weekend and a three month low.

National auction numbers were marginally lower at the weekend, falling from the previous Saturday’s 3165 to a December record 3096 —ahead of the 1720 auctioned over the same weekend last year.

Auction numbers will drop as the year rounds out, but volumes are predicted to still hit near-record levels and will test buyer depth.

Clearance rates in Sydney were only slightly lower despite ta record December day for Auction listings.

The NSW capital recorded a clearance rate of 76.6% at the weekend — similar to the previous weekend’s 77.2% but again lower than the 82.5% recorded over the same weekend last year.

A December record 1189 homes were listed for auction on Saturday — below the previous weekend’s November record 1234, but well up on the 781 auctioned over the same weekend last year.

Sydney recorded a median price of $1,622,500 for houses sold at auction at the weekend which was lower to the $1,702,000 reported over the previous Saturday but 13.5% higher than the $1,430,000 recorded over the same weekend last year.

Melbourne’s weekend auction market hit a near-record number of listings for December with 1491 homes listed for auction at the weekend – similar to the 1518 reported over the previous weekend and more than double the 737 auctioned over the same weekend last year.

Despite the strong showing, a steady clearance rate of 68.5% on Saturday was similar to the previous weekend’s 69.8% but lower than the 72.8% recorded over the same weekend last year.

Melbourne recorded a median price of $1,126,000 for houses sold at auction at the weekend which was higher than the $1,119,000 recorded over the previous weekend and 14.7% higher than the $982,000 recorded over the same weekend last year.

Data powered by Dr Andrew Wilson; myhousingmarket.com

 



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After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter

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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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35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

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