Auction Figures Remain Fragile
With buyer confidence low, so too are auction volumes and clearance rates.
2 min
The national auction market reported a clearance rate of 64.2% at the weekend — lower than the 65.4% reported last weekend and significantly lower than the 79.8% recorded over the same weekend last year.
National auction numbers were again lower at the weekend with just 1422 listings compared to 1911 — well below the same weekend last year’s 1869 auctions.
While these numbers are certainly low, they are steady when compared week-to-week across the country except for Canberra, the capital city a clear underperformer and recording another decline.
The Sydney auction market consolidated last weekend’s slightly improved result with a clearance rate of 63.7% at the weekend — higher than the 62.2% recorded last weekend but lower than the 76.9% recorded over the same weekend last year.
Auction numbers were however significantly lower at the weekend with 615 reported compared to the previous weekend’s 772 and again well down on the 792 auctioned over the same weekend last year.
The NSW capital recorded a median price of $1,633,000 for houses sold at auction at the weekend — higher than the $1,575,000 recorded last weekend and 8.9% higher than the same weekend last year’s result of $1,500,000.
Melbourne also reported lower auction numbers with 536 home listed at the weekend, which was significantly lower than the 848 reported last weekend and well below the 853 listed last weekend.
The lower auction volumes saw the Victorian capital report a clearance rate of 64.2% which was similar to the previous weekend’s 63.9% by well below the 768% over the same weekend last year.
Melbourne recorded a median price of $916,000 for houses sold at auction at the weekend which was significantly lower than the $1,072,500 reported last weekend and 16.2% lower than the $1,092,500 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
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
