Interest Rates Rise And Clearance Rates Fall
The relationship between the two rates was evidenced over the weekend.
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.
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3 min
There’s no shortage of design inspiration online but nothing beats the joy of spending an afternoon immersing yourself in a good interior design book. Edited, carefully curated and, above all, designed, these titles take you behind the scenes of some of the world’s most beautiful interiors in a considered way. Think of it like the difference between listening to a few tunes on Spotify versus releasing a thoughtfully crafted studio album. We’ve assembled our top six of interior design books on the market right now for your viewing and reading pleasure.
1. Interiors beyond the primary palette
Step inside the world of award-winning interior design duo Juliette Arent and Sarah-Jane Pyke in this, their first compendium of their work. A ‘best of’ over more than 15 years working together, it’s a masterclass in working with colour and pattern as seen through 18 projects from around the country. With a focus on the idea of home as sanctuary, this hefty tome offers insight into the mind of the designer with points on where to find inspiration, meeting client briefs and the importance of relationships. Thames & Hudson, $120
2 House of Joy
If there was ever a book title for our times, then this is it. With a subtitle of Playful Homes and Cheerful Living, this book champions fun in interior design, with bold and bright homes from around the world to delight and inspire. While there’s a good dose of the unexpected, like a disco ball in the garden, there’s no mayhem in these spaces. Instead, they’re beautifully executed to tempt even the most colour shy. Gestalten, $105
3. Abigail Ahern Masterclass
Some design books are beautiful to look at, and that’s it. This is not one of those books. A master of colour and pattern, UK designer Ahern offers a practical foundational guide to beautiful interiors, mixing form with function in her latest book, Masterclass. Find the inspiration you need to create a gorgeous home. HarperCollins, $65
4. Interiors Now!
Looking for a visual crash course in international design trends with longevity? This is the book for you. Featuring homes across the globe, from New York to Auckland via Avignon, the biggest dilemma for readers is settling on a style. Many of the projects are owned by designers and creatives, lending a dynamic edge to this tome, now in its 40th year. Taschen, $50
5. Home by the Sea
For many Australians, the ocean holds an almost hypnotic appeal. Home by the Sea by Natalie Walton lets you imagine, for a little while at least, what it’s like living the dream in a beach shack in Byron Bay. The book tours 18 homes in and around the region and the hinterland owned by artists, designers and makers. With photography by Amelia Fullarton, it champions the good life. Hardie Grant, $60
6. The Layered Interior
Released last year, this is the third volume from award-winning interior designer Greg Natale. Different in format from his earlier books, the eight projects featured are Australian but with a slight Euro-centric focus. The writing is conversational, almost intimate, inviting the reader into the most luxurious spaces beautifully captured by photographer Anson Smart. This coffee table tome is perfect for dreamers and doers alike. Rizzoli, $110
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
