Record February Ends With Market Cool Off
Late summer listings ease clearance rates.
Late summer listings ease clearance rates.
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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