Mid-Winter Auctions Slow And Steady
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Mid-Winter Auctions Slow And Steady

The fragile buyer and seller confidence continues to grip the market.

By Kanebridge News
Mon, Jul 18, 2022Grey Clock 2 min

The typically chilly winter home auction market produced steady results across the country at the weekend with a reported clearance rate of 60.8% at the weekend which was lower than the 63.2% of last weekend and significantly lower than the 80.5% of the same weekend last year.

Saturday’s result was the lowest national weekend clearance rate since lockdown-impacted results of August 2020.

National auction numbers were higher at the weekend with 1442 listings compared to last weekend’s 1355 — but well below the same weekend last year’s 2179.

The Sydney auction market reported steady auction clearance rates at the weekend, with results still at the lowest level since April 2020.

The NSW capital recorded a clearance rate of 58.0% at the weekend — similar to the 58.7% recorded the previous weekend and well below the 78.0% recorded over the same weekend last year.

Auction numbers were higher at the weekend with 597 reported compared to the previous weekend’s 562 but again well down on the 872 auctioned over the same weekend last year.

Sydney recorded a median price of $1,515,000 for houses sold at auction at the weekend which was lower than the $1,651,000 recorded last weekend and 5.5% lower than the same weekend last year’s $1,603,000

Melbourne’s clearance rates too held steady, albeit low, with a clearance rate of 60.4% on Saturday which was similar to the previous weekend’s 60.4% on Saturday which was similar to the previous weekend’s 60.0% — lower than the 73.2% recorded over the same weekend last year.

The Victorian capital recorded 598 homes listed at the weekend — higher than the 552 reported over the previous weekend but well below the 1061 listed over the same weekend last year.

Melbourne recorded a median price of $923,000 for houses sold at auction at the weekend which was lower than the $1,025,000 reported last weekend —7.0% lower than the $992,500 recorded over the same weekend last year.

Data Powered by Dr Andrew Wilson; My Housing Market

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Thu, Aug 11, 2022 < 1 min

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.