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.
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In signs that confidence is returning to the Australian property market, the combined capitals recorded their highest preliminary clearance rates since April last year, CoreLogic reports.
More than 2,290 homes went to market across capital cities last weekend with early data revealing a 71 percent clearance rate. This compares with a revised clearance rate of 64.2 percent last week. It marks the second busiest auction week to date this year.
Melbourne led the way, with 1,122 homes taken to auction. Of the 916 results collected so far, 73.5 percent were successful. It was a similar story in Sydney, with 791 homes to go under the hammer. Preliminary results indicate a clearance rate of 71.5 percent.
The smaller capitals including Brisbane, Adelaide and Canberra all experienced higher clearance rates week on week, with Adelaide out in front at 78.6 percent. It was a less spectacular result in Canberra, with a 59 percent clearance rate and in Brisbane at 56 percent.
In Perth, just three of the 13 auctions tallied so far were successful.
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