Record February Ends With Market Cool Off
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Record February Ends With Market Cool Off

Late summer listings ease clearance rates.

By Terry Christodoulou
Mon, Feb 28, 2022 9:24amGrey Clock 2 min

The high volumes of homes that went to auction through February has finally eased clearance rates.

Despite a largely positive weekend across the nation’s capitals, the clearance rate has finally succumbed to the volume of listings that has inundated the market this past weekend and throughout February.

The national auction market reported a significant increase over the weekend, with a total of 2627 listings reported compared to the previous weekend’s 2341 and ahead of the 2163 reported for the same weekend last year.

The high volumes led to a national clearance rate of 77.9%, the lowest for the month. This is compared to last weekend’s 81.5% and well below the 83.3% recorded over the same weekend last year.

Capital city markets face a challenge with the first ‘Super Saturday’ of the year next weekend likely to put downward pressure on clearance rates.

Sydney saw another strong clearance rate despite yet another record February day for auction listings with 965 properties listed — up on the previous weekend’s 878 and higher than the 734 reported over the same weekend last year.

The NSW capital recorded a clearance rate of 78.8% at the weekend — higher than the 78.1% reported over the previous weekend but well below the 90.0% recorded over the same weekend last year.

Sydney recorded a median price of $1,755,000 for houses sold at auction at the weekend which was higher than the $1,750,000 reported over the previous weekend and 6.7% higher than the $1,645,000 recorded over the same weekend last year.

In Melbourne, the weekend auction market reported a significant day of auctions with 1288 homes listed — higher than the previous weekend’s 1129 and above the 1211 reported for the same weekend last year.

The Victorian capital posted a clearance rate of 71.4% on Saturday, a 4-weekend low and well below the 82.0% recorded over the same weekend last year.

Melbourne recorded a median price of $1,187,000 for houses sold at auction at the weekend which was higher than last weekend’s $1,165,000 and 18.4% higher than the $1,005,000 recorded over the same weekend last year.

Data powered by Dr Andrew Wilson, My Housing Market.



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After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter

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The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.

After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.

Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.

All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.

“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”

Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.

Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.

Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.

“As a result, buyers are still expected to be less committed until the dust has settled,” he said.

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