Lockdown Has Little Effect On Clearance Rate
The home auction market soldiered on despite digital auctions and mid-winter blues.
The home auction market soldiered on despite digital auctions and mid-winter blues.
Despite lockdowns in Sydney, the national auction market has seemingly skipped past the usual mid-winter slowdown with 2009 homes reported auction on Saturday, July 10.
This result was higher than last weekend’s 1869 listings and more than double the same weekend last year.
The higher auction numbers failed to slowdown buyer activity with the national market reporting a strong clearance rate of 79.5% – just below the previous weekend’s 79.8%.
Sydney’s auction market is holding on despite the lockdown. Although reporting a year-to-date clearance rate low on Saturday of 76.6%, the figure was just below the 76.9% reported last weekend and well ahead of the 64.6% recorded on the same weekend last year.
782 auctions were reported listed in Sydney on Saturday which was just below the previous weekend’s July record 792 auctions and well above the 452 recorded over the same weekend last year.
Sydney recorded a median price of $1,631,000 for houses sold at auction at the weekend – well ahead of the $1,500,000 reported over the previous Saturday.
Melbourne’s auction ate was steady at the weekend, with a surge of mid-winter listings.
The Victorian capital Melbourne recorded a clearance rate of 76.7% which was just below the previous weekend’s 76.9% but well ahead of the shutdown impacted the 44.9% of the same weekend last year.
A July record of 977 homes were listed to go under the hammer on Saturday – well ahead of last weekend’s previous record 853 auctions.
Melbourne recorded a median price of $983,000 for houses sold at auction at the weekend which was lower than the $1,092,000 recorded over the previous weekend and 29.3% higher than the $760,000 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson of My Housing Market.
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After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter
The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.
After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.
Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.
All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.
“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”
Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.
Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.
Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.
“As a result, buyers are still expected to be less committed until the dust has settled,” he said.
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