National Clearance Rate Revels In Face Of Restrictions
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National Clearance Rate Revels In Face Of Restrictions

Despite lending restrictions announced by APRA, the auction market continues to perform.

By Kanebridge News
Mon, Oct 11, 2021Grey Clock 2 min

National auction markets produced further strong results on Saturday despite the introduction of loan restriction from the financial regulator, APRA.

It comes as national auction numbers soar at the weekend, following last weekend’s holiday in most states. Melbourne was also bolstered by a sharp revival in listings following the recent easing of local covid restrictions on property inspections.

A total of 1858 homes went under the hammer national compared to the 254 auctions reported the previous Saturday – well ahead of the 948 listed this time last year. Of the properties auctions at the weekend, the national clearance rate recorded 86.1% – similar to the previous weekend’s 86.5%.

Sydney market continues to surge relentlessly recording an astonishing clearance rate at 86.6% at the weekend, just bellowed the previous weekend’s 87.1%. It is the 10th consecutive weekend the NSW capital has recorded clearance rates above 80% and six straight weekends above 85%.

In line with national trends, Sydney saw a rise in home’s listed, up to 611 homes compared to Saturday’s 455.

Further, Sydney recorded a median price of $1,712,500 for houses sold at auction at the weekend which was lower than the $1,870,000 reported over the previous Saturday but 22.3% higher than the $1,400,000 recorded over the same weekend last year.

Melbourne’s recent easing of property restrictions has seen a boost to the local housing market.

A wave of 932 homes were listed for auction at the weekend – significantly more than the 571 reported over the previous weekend and well ahead of the 57 auctions over the same weekend last year.

The boost in numbers saw the clearance fall to 76.6% – well below the previous weekend’s 80.1%.

Further, the easing of restrictions saw the auction withdrawal rate down to 12.9%, well below the rates seen through September which were well into the 20%.

Melbourne recorded a median price of $1,060,000 for houses sold at auction at the weekend which was slightly lower than the $1,100,000 recorded over the previous weekend but significantly higher than the $746,500 recorded over the same weekend last year

There is no end in sight to current weekend auction market results, although APRA has announced lending restrictions, this may only act to fuel runaway activity, bringing forward buyer demand.

Data powered by Dr Andrew Wilson, My Housing Market.

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By Kanebridge News
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.