Interest Rates Rise And Clearance Rates Fall
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Interest Rates Rise And Clearance Rates Fall

The relationship between the two rates was evidenced over the weekend.

By Kanebridge News
Mon, Jul 11, 2022 11:20amGrey Clock 2 min

The predictable housing market winter slowdown is this year, enhanced by the impact of surging interest rates and low buyer confidence.

The national auction market reported a clearance rate of 63.2% at the weekend — lower than the 64.2% reported last weekend and well below the 79.5% recorded over the same weekend last year.

National auction numbers were again significantly lower at the weekend — just 1355 listings compared to last weekend’s 1422 — and well below the same weekend last year’s 2009 auctions.

The sting of the interest rate rise was acutely felt in Sydney, with the NSW capital posting a clearance rate of 58.7% at the weekend — significantly lower than 63.7% recorded the previous weekend — and well below the 76.9% recorded over the same weekend last year.

Auction numbers were once again lower, with 562 reported compared to the previous weekend’s 615— and well down on the 782 over the same weekend last year.

Sydney recorded a median price of $1,651,000 for houses sold at auction at the weekend which was again higher than the $1,633,000 recorded last weekend and just 1.2% higher than the same weekend last year’s $1,631,000.

Melbourne auction clearance rates fell at the weekend following a month of relatively, albeit low, results with the lowest Saturday outcome since lockdown dampened the local market in August last year.

The Victorian capital reported a clearance rate of 60.0% on the weekend — down on last weekend’s 64.2% and again well below the 76.7% recorded over the same weekend last year.

A total of 552 homes were reported listed at the weekend — similar to the 536 reported over the previous weekend and again well below the 977 listed over the same weekend last year.

Melbourne recorded a median price of $1,025,000 for houses sold at auction at the weekend which was significantly higher than the $916,000 reported last weekend and 4.3% higher than the $983,000 recorded over the same weekend last year.

Data powered by Dr Andrew Wilson, My Housing Market.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

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

35 North Street Windsor

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

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Property of the week: 32 Isaac St, Spring Hill
By KIRSTEN CRAZE
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Spring Hill Enviro-Cottage is the ultimate fairytale of old meets new, an architectural marriage of two distinctly different eras that seamlessly come together in 21st-century Brisbane.

The Isaac Street home is one of Spring Hills original workers’ cottages that in 2010 was expertly transformed into a uniquely sustainable home with all the modern-day must-haves and plenty of boxes ticked on the wish list too.

While preserving the classic Queenslander, the 286sqm property has been reimagined to deliver an innovative and eco-friendly address. 

Kitchen joinery has been crafted from reclaimed timber, there is environmentally friendly paint, a suite of energy efficient appliances, solar power, underground water storage, and an Eco Plunge Pool.

Although the charming period facade remains, the rear of the house has an ultra contemporary backdrop of patterned Corten steel privacy screens that minimise heat and create dappled light across the interior spaces. At night, the unique partitions geometric laser-cut design provides a star-like feature in the main bedroom suite.

The considered passive design principles extend to the strategically located louvres, doors and windows that draw in cooling breezes, while a vast skylight over the dining area and kitchen allows for plenty of natural light in winter. Burnished concrete floors keep the ground cool and grand walls of glass peel back to reveal a seamless flow to the outdoors with a grassed and landscaped private courtyard. 

Although the ground floor has been designed for everyday living and entertaining, the multi-purpose front room with ensuite is an ideal guest retreat or even a perfect ‘work from home’ space complete with a separate entry via the front patio. 

Upstairs, a mezzanine lounge provides another breakout area for families, and the two first floor bedrooms open out to the traditional full-width balcony overlooking the street. These bedrooms have built-in wardrobes and desks with a shared family-friendly bathroom.

At the rear of the footprint, a freestanding two-storey pavilion features yet another living space next to the pool with an integrated bar. Above the space the top floor main bedroom has an ensuite and walk-through wardrobe.

A long list of bonus features include ceiling fans in all bedrooms and living areas, a thermostat-controlled whirlybird to extract excess heat, a 5kW solar system with a SMA Sunny Boy inverter, a 20,000L rainwater tank, a filtering and UV disinfection system and a solar hot water system with 450L storage tank.

Although there is a lock up garage, this city-fringe home is within walking distance of Roma Street Parkland, Roma Street Station and Victoria Park. Brisbane Central State School is also only two streets away.

In keeping with Queensland consumer law, properties going under the hammer cannot carry advertised price guides.

This Brisbane home at 32 Isaac St, Spring Hill is on the market with Ray White New Farm with an auction date set for November 30. For details contact agent Samuel Angus on 0411 044 949.

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

35 North Street Windsor

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

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