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.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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
A new digital real estate site promises a full view of the housing sector, even those places not on the market
2 min
Hot on the heels of the launch of View Media Group last year, Australia’s newest proptech digital media company has gone live with its consumer-facing real estate site, view.com.au.
The new site offers a ‘freemium’ model allowing vendors to list their properties for free while having the option of further upgrades for agents looking to enhance their listings.
VGM executive chairman Anthony Catalano said the model was a ‘game changer’ in the digital real estate space.
“While VMG is much more than a portal play, it’s critical that we have a consumer-facing brand that will act as the front door to attract consumers and in turn allow us to offer products and services in a range of verticals across the property ecosystem,” Mr Catalano said. “Our plan is to create a digital real estate superstore under the new View brand that will play in the $300 billion adjacency categories rather than solely focus on the $1
billion of digital property advertising.”
“We’ve listened to the industry and the time is right for an offer to come to market with an alternative model that addresses the real estate industry’s concern at the continually
escalating price of advertising.”
The View portal is available through app stores and will include properties across the country, not just those on the market right now.
“That means view.com.au will showcase more than 11 million properties in Australia compared to some of the portals which feature around 140,000 properties for sale,” Mr Catalano said. “From Day 1 we will provide consumers with a complete view of the market.’’
View has worked with mapping partner Nearmap to create the ability to have a comprehensive overview of all properties.
“We’ve had a look globally at best practice search for property and we’ve consumer tested a range of options and without doubt the preferred experience is map-based search,” View CEO Toby Blazs said. “So unlike others in the market who default consumers to a list view, we’ll default our search results via a map.”
Mr Catalano said the innovative site was designed to be a true disruptor in the proptech sector.
“VMG continues to grow and tick off the key parts of its strategic plan,” he said. “We are well on the way to forming a global-first conglomerate of proptech assets including portals, ad tech, lead generation, lead management solutions, media planning and buying, AI services, data and connections all under the one roof.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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
