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, 2022Grey 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.

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The waterfront residence is one of Port Stephens’ finest homes.

By Kanebridge News
Fri, Aug 12, 2022 2 min

In the coastal township of Salamander Bay — nearby to Port Stephens — comes a unique home crafted to take full advantage of unbroken ocean vistas across three levels.

With one-of-a-kind flair, the stunning 5-bedroom, 3-bathroom, 3-car garage home of 52 Randall Drive Salamander Bay is nestled on a private 577sqm plot, optimised through intelligent design to take advantage of the Port Stephens landscape and lifestyle.

Within the home sees the typically coastal textures of natural oak floor and timber feature walls take hold while stone and tiled adornments add layers of luxury.

The open plan living, kitchen and dining areas incorporate a fireplace and near floor-to-ceiling glass that opens to create a seamless indoor-to-outdoor dining and entertaining space on the home’s top floor.

The heart of this area is the kitchen, centred around a marble-topped island, state-of-the-art European appliances and an attached bar area, with built-in refrigeration, accompanied by a butler’s pantry.

Also here comes a grand outdoor spa, central to the balcony, while another outdoor entertaining area with a pizza oven is found on the middle floor.

Downstairs once again comes a second living space replete with the perfect wine cellar — cooled by the natural rock foundation of the home — offering an array of entertaining options

Of the home’s accommodation comes a private and luxurious master retreat with expansive ocean views, a walk-in wardrobe and an ensuite, here, speckled with grey terrazzo tiling and timber joinery vanities.  A further four bedrooms are found throughout the home along with two family bathrooms rounding out the offering.

Less than a five-minute walk from nearby amenities of shops, restaurants, cafes and beaches the home offers the best of the Port Stephens area.

The listing is with PRD Port Stephens’ Dane Queenan (+61 412 351 819) and Erin Sharp (+61 499 912 311) and is heading to auction; prd.com.au