Spring Auction Markets Start On The Front Foot
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Spring Auction Markets Start On The Front Foot

Clearance rates rise given a lack of stock while Sydney goes on a tear.

By Kanebridge News
Mon, Sep 6, 2021Grey Clock 2 min

The spring selling season commenced with most capitals continuing to record generally strong results for sellers.

The total national auction numbers fell sharply at the weekend as the market saw a steep decline in Melbourne listings. Only 1392 auctions were reported on Saturday – the lowest non-holiday weekend total since early February.

Auction listings were also lower in Adelaide (108, down from 114) and Canberra (64, down from 85) when compared the previous weekend.

As a result of a fall in listings, the national clearance rate was higher at the weekend – increasing from the previous Saturday’s 76.2% to 79.1%.

In Sydney, the auction market surged into spring with both higher clearance rates and auction numbers.

Recording a clearance rate of 85.5% at the weekend, Sydney was up on the previous weekend’s 83.3% result – ahead of the 67% recorded over the corresponding weekend last year.

Sydney saw a lift in auction number for the second consecutive week with 495 homes offered for sale compared to the previous weekend’s 488. The weekend auction listings were the highest reported opening of the spring selling season since 2018 – despite the lockdown measures.

Sydney recorded a median price of $1,635,500 for houses sold at auction at the weekend which was again lower than the $1,757,000 reported over the previous Saturday but 20.8% higher than the $1,354,000 recorded over the same weekend last year.

Melbourne’s auction market felt the strain of lockdown, recording a clearance rate of 72.6% – well above the previous weekend’s 48.2% but a reflection of significantly lower listing numbers.

The Victorian capital only recorded 624 listings, compared to the previous weekend’s 1427. The market saw a lower level of withdrawals – 32.5% of reported auctions were withdrawn compared to the previous weekend’s 62.2% – further boosting the clearance rate.

Melbourne recorded a median price of $918,000 for houses sold at auction at the weekend which was again lower than the $1,000,000 recorded over the previous weekend and 3.4% lower than the $950,000 recorded over the same weekend last year.

Data powered by Dr Andrew Wilson, My Housing Market.

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By Kanebridge News
Thu, Aug 11, 2022 < 1 min

New research from Knight Frank’s International Waterfront Index shows waterfront properties are costing more than double their inland counterparts in Sydney while in Melbourne waterside properties attract a 40% premium.

Australia’s coastline attracts some of the highest waterfront premiums in the world with Sydney topping the index — an average premium of 121% — compared to an equivalent home set away from the water.

Auckland ranked second on the list of 17 international locations — a premium of 76%. The list saw Gold Coast (71%), Perth (69%) and the Cap d’Antibes (59%) on the French Riviera round out the top 5.

Australia continued to feature prominently in the research with Brisbane’s waterfront premium coming in at 55%, with Melbourne also in the top 10 at 39%.

According to Knight Frank Australia’s head of residential research, Michelle Ciesielski, there has always been strong appetite for Sydney’s waterfront homes.

Australia’s luxury residential market has advanced, it lacks the depth of prestige markets in more established global cities said Cieselski.

“As a result, our Australian cities can achieve a significantly higher premium on the waterfront compared to a similar property inland without access to, or a view of, water,” she said.

“Also, Australia is known for its balmy outdoor lifestyle, so many buyers in this super-prime space are willing to pay a premium to secure the ideal position along the waterfront.”

The data also suggests that beachfront homes were most desirable, commanding a premium of 63% compared to harbour locations fetching 62% premium and coastal homes with a 40% premium.