Strong Markets Hold The Line
Sellers return to the housing auction market in significant numbers.
2 min
The national auction market continued to record strong results at the weekend despite the usual increase in mid-spring listings which, this year, has been amplified by the end of lockdowns in major capital cities.
The national clearance rate was higher at the weekend – up to 84.7% from 83.9% and well above the 77.3% reported over the same weekend last year.
National auction numbers were higher again at the weekend, rising from the previous Saturday’s 1970 to 2048 – ahead of the 1083 auctioned over the same weekend last year.
Although the market continues to record boomtime results, Sydney’s weekend auction market was sharply lower at the weekend recording a clearance rate of 77.0% — below the previous weekend’s 83.6% and lower than the 78.8% recorded over the same weekend last year.
It marks the first time the NSW capital’s clearance has fallen below 80% for the first time in 12 weeks.
Higher auction numbers have impacted clearance rates with 721 homes listed for auction at the weekend – up from 677 the previous weekend and 637 for the same weekend in 2020.
Sydney recorded a median price of $1,685,000 for houses sold at auction at the weekend – marginally higher than the $1,675,000 reported over the previous Saturday and 22.5% higher than the $1,375,000 recorded over the same weekend last year.
With the city coming out of lockdown, Melbourne’s fortunes shifted with the city recording a clearance rate of 80.4% on Saturday – higher than the previous weekend’s 77% and the first time its result has eclipsed Sydney’s since early July.
A total of 994 homes were listed for auction at the weekend – similar to the 993 reported over the previous weekend and well above the 304 for the corresponding weekend in 2020.
Melbourne recorded a median price of $1,048,000 for houses sold at auction at the weekend which was higher than the $969,500 recorded over the previous weekend and 13.5% higher than the $923,000 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson of 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
