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’
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Scheduled auctions fall to winter levels as vendors hold back on going to market
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Grand final fever and the long weekend have dampened scheduled auction activity this weekend, CoreLogic reports.
The number of homes scheduled for auction this weekend is set to halve, with 1,324 properties listed, marking the quietest week since mid June. Melbourne will experience the quietest week since Easter, CoreLogic data shows, with 223 homes prepared to go under the hammer. In Sydney, 805 properties are expected to go to market, the lowest number in seven weeks.
With long weekends in Queensland and South Australia, numbers are also down in Brisbane (111) and Adelaide (86), less than half the properties available for auction the previous week. It’s a less dramatic drop in Canberra, where 83 homes are scheduled for auction, down -22.4 percent on the previous week.
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
