Major Capitals Survive Super Saturday
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Major Capitals Survive Super Saturday

The pre-Easter auction rush didn’t dampen clearance rates.

By Terry Christodoulou
Mon, Apr 11, 2022Grey Clock 2 min

The pre-Easter super Saturday of auctions has provided sellers with generally positive results this year, despite a deluge of listings.

The national auction market reported a clearance rate of 76.0% at the weekend — similar to the previous weekend’s 74.9% yet lower than the 86.2% recorded over the same weekend last year.

National auction numbers week higher at the weekend reflecting — as expected due to the pre-Easter holiday surge — with 3157 reported compared to the previous weekend’s 2551 and the 1909 reported over the same weekend last year.

Despite the market passing the most difficult test of the year so far, Economist Dr Andrew Wilson expects things to slow down.

“Markets will be relatively subdued over the remainder of April due to lengthy holiday distractions and the possibility of the commencement of a lengthy federal election campaign,” said Dr Wilson in his latest auction report.

Sydney reported a clearance rate of 69.4% at the weekend — almost the same as the previous weekend’s 69.7% but well below the 82.4% recorded over the same weekend last year.

The weekend saw a year-to-date high of 1214 auctions — well ahead of the previous weekend’s 958 and the previous year’s 765 auctions recorded.

The NSW capital recorded a median price of $1,815,000 for houses sold at auction at the weekend — higher than the $1,800,000 reported over the previous weekend and the same weekend last year’s $1,550,000.

The Melbourne market survived one of the biggest auction days of the year, reporting a clearance rate of 69.8% on Saturday — just below the previous weekend’s 71.7% and lower than the 79.1% recorded over the same weekend last year.

The Victorian capital saw 1505 homes reported for auction over the weekend — significantly above the previous weekend’s 1259 and the 785 listed over the same weekend last year.

Melbourne recorded a median price of $1,105,500 for houses sold at auction at the weekend which was lower than last weekend’s $1,134,000 – but 16.9% % higher than the $945,750 reported over the same weekend last year.

Data powered by Dr Andrew Wilson, My Housing Market.

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New research from Knight Frank’s International Waterfront Index shows waterfront properties are costing more than double their inland counterparts in Sydney while in Melbourne waterside properties attract a 40% premium.

Australia’s coastline attracts some of the highest waterfront premiums in the world with Sydney topping the index — an average premium of 121% — compared to an equivalent home set away from the water.

Auckland ranked second on the list of 17 international locations — a premium of 76%. The list saw Gold Coast (71%), Perth (69%) and the Cap d’Antibes (59%) on the French Riviera round out the top 5.

Australia continued to feature prominently in the research with Brisbane’s waterfront premium coming in at 55%, with Melbourne also in the top 10 at 39%.

According to Knight Frank Australia’s head of residential research, Michelle Ciesielski, there has always been strong appetite for Sydney’s waterfront homes.

Australia’s luxury residential market has advanced, it lacks the depth of prestige markets in more established global cities said Cieselski.

“As a result, our Australian cities can achieve a significantly higher premium on the waterfront compared to a similar property inland without access to, or a view of, water,” she said.

“Also, Australia is known for its balmy outdoor lifestyle, so many buyers in this super-prime space are willing to pay a premium to secure the ideal position along the waterfront.”

The data also suggests that beachfront homes were most desirable, commanding a premium of 63% compared to harbour locations fetching 62% premium and coastal homes with a 40% premium.