Super Saturday Brings Record Breaking Results
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Super Saturday Brings Record Breaking Results

Clearance rates continue to rise against a wealth of new listings.

By Terry Christodoulou
Mon, Mar 29, 2021 9:29amGrey Clock < 1 min

Despite a flood of pre-Easter listings, metro clearance rates continued to sit at incredibly strong levels.

The so-called March 27 ‘super Saturday’ saw all capitals report clearance rates above 80%. Further, each capital recorded more listings than last year’s equivalent weekend, with the exception of Brisbane.

The Sydney housing market continues to soar to unprecedented heights recording a clearance of 90.4%, the city’s fourth result over 90% in the last 5 weekends.

A total of 1227 auctions were listed for Saturday, well above the previous weekend’s 856 and the Covid-impacted 1058 recorded over the same weekend last year.

Sydney’s median price for houses sold at auction on the weekend was $1,573,000, 2.3% lower than the previous weekend’s $1,610,000.

Melbourne, meanwhile, hosted 1593 home auctions on Saturday, up on the previous weekend’s 1117 and higher than the 1400 on the same weekend last year.

Despite the record number of offerings, the Victorian capital recorded its highest clearance rate since January 30 at 83.7%.

Melbourne recorded a median price of $1,015,000 for houses sold, 3.6% higher than the previous weekend’s $980.000.

Melbourne recorded a median price of $1,015,000 houses sold at auction on the weekend which was 3.6% higher than the previous weekend’s $980.000.

While ascendent year-on-year, such figures must be framed by the fact the equivalent 2020 weekend saw Sydney and Melbourne locked down due to COVID.

Brisbane, as mentioned, saw 114 homes listed for auction this past weekend, down on last year’s 131, however recorded a clearance rate of 82.3%.

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House values continued to fall last month, but the pace of decline has slowed, CoreLogic reports.

In signs that the RBA’s aggressive approach to monetary policy is making an impact, CoreLogic’s Home Value Index reveals national dwelling values fell -1.0 percent in November, marking the smallest monthly decline since June.

The drop represents a -7.0 percent decline – or about $53,400 –  since the peak value recorded in April 2022. Research director at CoreLogic, Tim Lawless, said the Sydney and Melbourne markets are leading the way, with the capital cities experiencing the most significant falls. But it’s not all bad news for homeowners.

“Three months ago, Sydney housing values were falling at the monthly rate of -2.3 percent,” he said. “That has now reduced by a full percentage point to a decline of -1.3 percent in November.  In July, Melbourne home values were down -1.5 percent over the month, with the monthly decline almost halving last month to -0.8%.”

The rate of decline has also slowed in the smaller capitals, he said.  

“Potentially we are seeing the initial uncertainty around buying in a higher interest rate environment wearing off, while persistently low advertised stock levels have likely contributed to this trend towards smaller value falls,” Mr Lawless said. “However, it’s fair to say housing risk remains skewed to the downside while interest rates are still rising and household balance sheets become more thinly stretched.” 

The RBA has raised the cash rate from 0.10 in April  to 2.85 in November. The board is due to meet again next week, with most experts still predicting a further increase in the cash rate of 25 basis points despite the fall in house values.

Mr Lawless said if interest rates continue to increase, there is potential for declines to ‘reaccelerate’.

“Next year will be a particular test of serviceability and housing market stability, as the record-low fixed rate terms secured in 2021 start to expire,” Mr Lawless said.

Statistics released by the Australian Bureau of Statistics this week also reveal a slowdown in the rate of inflation last month, as higher mortgage repayments and cost of living pressures bite into household budgets.

However, ABS data reveals ongoing labour shortages and high levels of construction continues to fuel higher prices for new housing, although the rate of price growth eased in September and October. 

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