Pre-Election Property Auctions Deliver Steady Results
The market was steady despite a rush of listings.
2 min
Capital city clearance rates were mostly steady at the weekend despite a surge in pre-election day listings and the recent increase in official interest rates.
Across the county, the national auction market reported a clearance rate of 71.4% at the weekend — similar to the 71.3% reported last weekend but lower than the 80.8% reported over the same weekend last year.
The pre-election weekend saw 2372 homes listed for auction compared to the previous weekend’s 1667 and similar to the 2401 reported over the same weekend last year.
Sydney’s auction clearance rates were steady but remain at year-low levels again. The weekend saw a clearance rate of 64.1% — similar to the 64,6% recorded last weekend, but again slower than the 82.9% recorded this time last year.
A total of 810 Sydney homes were listed for auction on Saturday, higher than the 577 auctioned over last weekend — well below the same weekend last year’s 990.
Sydney recorded a median price of $1,690,000 for houses sold at auction at the weekend which was higher than the $1,630,000 recorded last weekend and 3.0% higher than the same weekend the previous year’s $1,641,000.
Melbourne saw a small lift in clearance rates at the weekend, up to 68.7% from the year low of 66.4% recorded the previous weekend. Both results are down on the 78.6% recorded over the same weekend last year.
The Victorian capital saw 1165 homes listed at the weekend — higher than the 767 reported over the previous weekend and similar to the 1159 listed over the same weekend last year.
Melbourne recorded a median price of $1,203,000 for houses sold at auction at the weekend which was higher than the $1,075,000 reported last weekend and also 10.1% higher than the $1,093,000 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson, My Housing Market.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Australian auction sales warm up week on week as temperatures cool
< 1 min
In signs that confidence is returning to the Australian property market, the combined capitals recorded their highest preliminary clearance rates since April last year, CoreLogic reports.
More than 2,290 homes went to market across capital cities last weekend with early data revealing a 71 percent clearance rate. This compares with a revised clearance rate of 64.2 percent last week. It marks the second busiest auction week to date this year.
Melbourne led the way, with 1,122 homes taken to auction. Of the 916 results collected so far, 73.5 percent were successful. It was a similar story in Sydney, with 791 homes to go under the hammer. Preliminary results indicate a clearance rate of 71.5 percent.
The smaller capitals including Brisbane, Adelaide and Canberra all experienced higher clearance rates week on week, with Adelaide out in front at 78.6 percent. It was a less spectacular result in Canberra, with a 59 percent clearance rate and in Brisbane at 56 percent.
In Perth, just three of the 13 auctions tallied so far were successful.
The pandemic has given us a year of lousy sleep and insomnia. Here’s what to do.
The coastal area southeast of Melbourne is providing a permanent escape as the pandemic endures.
