Intensity Returns To National Auction Market
February auction market begins to heat up.
February auction market begins to heat up.
The home auction market has intensified into February with most capitals reporting a rise in buyer activity.
Off the back of a dour performance the previous weekend, Sydney and Melbourne reported sharply higher clearance rates at the weekend with the NSW capital breaking 80% with a clearance rate of 80.4%.
The national auction market reported a clearance rate of 79.1% at the weekend — higher than the 76.6% reported over the previous weekend yet lower than the 80.2% recorded over the same weekend last year.
National auction numbers surged at the weekend with 1362 homes listed for auction ahead of the 836 reported last weekend and up on the 1073 reported over the same weekend last year.
Sydney’s strong clearance rate was sharply higher than the 68.5% reported last weekend but still well below the 88.5% recorded over the same weekend last year.
However, the strong result comes despite a record day for February auctions with 563 homes listed for auction on Saturday — higher than last weekend’s 308 auctions.
Sydney recorded a median price of $1,760,000 for houses sold at auction at the weekend which was higher than the $1,380,000 reported over the previous weekend and 25.7% higher than the $1,400,000 recorded over the same weekend last year.
Melbourne reported a clearance rate of 74.0% on Saturday – higher than last weekend’s 68.5% but well below the 81.6% recorded over the same weekend last year.
Yet, despite a surge in listings from the previous week — 491 homes reported listed compared to the season opener of 250 — the weekend rate was the highest reported since November 13, last year.
Melbourne recorded a median price of $914,500 for houses sold at auction at the weekend which was higher than last weekend’s $873,000 but 1.7% lower than the $930,000 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson, My Housing Market.
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Sales volumes and median prices on the rise in the N.T
The largest single-dwelling sales of the calendar year.