Interest Rates Rise And Clearance Rates Fall
The relationship between the two rates was evidenced over the weekend.
The relationship between the two rates was evidenced over the weekend.
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.
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