National Clearance Rates Lift Despite Melbourne Lockdown
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National Clearance Rates Lift Despite Melbourne Lockdown

The record-breaking May home auction market concluded strongly.

By Kanebridge News
Mon, May 31, 2021Grey Clock < 1 min

The past five weekends have seen unprecedented auction numbers flood the market.

With the influx of listings seeing major capitals Sydney and Melbourne trending downwards, national listing numbers rebounded on Saturday, May 29, with the national average on Saturday increasing to 82.2% – marginally higher than the previous Saturday’s 82.0%.

This comes as 2505 auction reported – higher than the previous weekend’s 2333 and just below the May monthly record of 2563 set on May 8.

Of note, lockdown measures in Melbourne hardly impacted the market with the city reporting a clearance rate of 76.5%, just below the 76.9% recorded the previous weekend. Despite being the lowest result for the year so far, the figures remain impressive when considering the restrictions imposed.

Reporting 1272 auctions on Saturday, well ahead of the 1117 conducted the previous weekend, Melbourne’s median price for houses sold at auction on the weekend was $987,500 – just below the $995,500 recorded over the previous weekend.

Sydney was at the heart of the strong national figures with a clearance rate of 82.2% clearance rate – higher than the 81.5% recorded the previous weekend and the first lift in rates in five consecutive weekends.

A total of 981 Sydney auctions were reported on Saturday, higher than the previous weekend’s 949. This brings Harbour City’s total to a record-breaking 4868 weekend auctions over May, with each Saturday registering over 900 listings.

Sydney recorded a median price of $1,605,000 for houses sold at auction at the weekend, just below the $1,620,000 reported over the previous Saturday but 27.9% higher than the $1,255,000 recorded over the same weekend last year.

Data powered by Dr. Andrew Wilson of 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.