June Auction Markets Finish On A High
Kanebridge News
Share Button

June Auction Markets Finish On A High

Sydney lockdowns could see a change in fortunes.

By Kanebridge News
Mon, Jun 28, 2021 10:27amGrey Clock 2 min

The auction markets continued to post extraordinary results despite the looming and eventuating COVID lockdown measures enacted in Sydney.

A total of 2553 homes were listed for auction in state capitals on Saturday which was lower than last weekend’s record June offering of 2888 – yet, well ahead of the 1150 auctioned over the same weekend last year.

Across the country, clearance rates were generally higher at the weekend, with a national clearance rate of 82.5%, marginally higher than last weekend’s 82.3% and well ahead of the 67.8% reported over the same weekend last year.

Despite Saturday’s national clearance rate being the highest in the past seven weeks, the outlook is cloudy with Sydney COVID lockdown now in full force.

Sneaking in before lockdown, Sydney’s recent weekend auction market produced more remarkable results with a clearance rate of 83.0% on Saturday. This result was higher than the previous weekend’s 80.8% and well ahead of the 68.5% recorded over the same weekend last year.

The NSW capital reported 958 auctions on Saturday which was lower than the previous weekend’s 1036 but well above the 529 recorded over the same weekend last year.

Sydney recorded a median price of $1,550,000 for houses sold at auction at the weekend which was lower than the $1,610,000 reported over the previous Saturday but 14.8% higher than the $1,350,000 recorded over the same weekend last year.

Melbourne’s auction market, with lockdown measures easing, looks to be rising.

A total of 1320 homes were listed to go under the hammer on Saturday, below last weekend’s June record 1566 but well ahead of the 527 auctioned over the same weekend last year.

Melbourne recorded a clearance rate of 79.0% – well ahead of the previous weekends 74.4% and the 61.5% recorded over the same weekend last year. This Saturday was the highest reported in the Victorian capital since May 8.

Further, Melbourne recorded a median price of $1,000,000 for houses sold at auction at the weekend which was higher than the $979,000 recorded over the previous weekend and 22.7% higher than the $815,000 recorded over the same weekend last year.

Data powered by Dr Andrew Wilson of 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.

Related Stories
Property
The two Australian states where it’s a buyers’ market
By Bronwyn Allen 18/06/2024
Property
China’s Housing Market Woes Deepen Despite Stimulus
By REBECCA FENG 18/06/2024
Property
The Australian state attracting savvy investors is not where you think
By Bronwyn Allen 15/06/2024
The two Australian states where it’s a buyers’ market

Property values have experienced strong growth around the country, but there are two highly desirable areas where oversupply is putting downward pressure on sales

By Bronwyn Allen
Tue, Jun 18, 2024 2 min

While property values are rising strongly in most markets across Australia, it’s a vastly different story in Victoria and Tasmania, new data from CoreLogic shows. Over the 12 months to May 31, the median house price lifted just 1.8 percent in Melbourne and fell 0.6 percent in regional Victoria. The median dipped 0.1 percent in Hobart and ticked 0.4 percent higher in regional Tasmania. This is in stark contrast to Perth, where values are up 22 percent, and regional Western Australia, up 14.8 percent; as well as Brisbane, up 16.3 percent, and regional Queensland, up 11.8 percent.

CoreLogic Head of Research, Eliza Owen says an oversupply of homes for sale has weakened prices in Victoria and Tasmania, creating buyers’ markets.

On the supply side, there has been more of a build-up in new listings than usual across Victoria, even where home value performance has been relatively soft,” Ms Owen said. Victoria has also had more dwellings completed than any other state and territory in the past 10 years, keeping a lid on price growth. The additional choice in stock means vendors have to bring down their price expectations, and that brings values down.”

Melbourne dwelling values are now four percent below their record high and Hobart dwelling values are 11.5 percent below their record high. Both records were set more than two years ago in March 2022. The oversupply has also affected how long it takes to sell a property. The median days on market is currently 36 in Melbourne and 45 in Hobart compared to a combined capitals median of 27. It takes 55 days to sell in regional Victoria and 64 days in regional Tasmania compared to a combined regional median of 42 days.

Changes in population patterns have also contributed to higher numbers of homes for sale in recent years. Since COVID began in early 2020, thousands of families have left Melbourne because working from home meant they could buy a bigger property in more affordable areas. While many relocated to regional Victoria, a significant proportion left the state altogether, with South-East Queensland a favoured destination. Meantime, Tasmania’s surge in interstate migration during FY21 was short-lived. Data from the Australian Bureau of Statistics shows the island state has recorded a net loss of residents to other states and territories every quarter since June 2022.

Record overseas migration has more than offset interstate migration losses, thereby keeping Victoria’s and Tasmania’s populations growing. However, the impact of migrants on housing is largely seen in the rental market, so this segment of population gain has done little to support values. Growth in weekly rents has been far stronger than growth in home values over the past year, with rents up 9 percent in Melbourne and 4.8 percent in regional Victoria, and up 1 percent in Hobart and 2.7 percent in regional Tasmania.

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.

Related Stories
Property
China’s Housing Market Woes Deepen Despite Stimulus
By REBECCA FENG 18/06/2024
Lifestyle
Aston Martin Refines Its Exotic Family Car
By Jim Motavalli 15/06/2024
Money
How the Middle East Became the Latest ‘Gold Rush’ in Marketing
By MEGAN GRAHAM 18/06/2024
0
    Your Cart
    Your cart is emptyReturn to Shop