Super Saturday Brings Record Breaking Results
Kanebridge News
Share Button

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%.



MOST POPULAR

Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Related Stories
Property
Greener Homes, Living Alone And Ongoing Rate Pain
By Bronwyn Allen 28/11/2023
Property
Why Stars Are Renting Out Their Homes for Dirt Cheap
By ASHLEY WONG 28/11/2023
Property
London’s Luxury Home Market Has Been Dragging for Years. These Sellers Are Diving in Anyway.
By RUTH BLOOMFIELD 24/11/2023
Greener Homes, Living Alone And Ongoing Rate Pain

Ray White’s chief economist outlines her predictions for housing market trends in 2024

By Bronwyn Allen
Tue, Nov 28, 2023 2 min

Ray White’s chief economist, Nerida Conisbee says property price growth will continue next year and mortgage holders will need to “survive until 2025” amid expectations of higher interest rates for longer.

Ms Conisbee said strong population growth and a housing supply shortage combatted the impact of rising interest rates in 2023, leading to unusually strong price growth during a rate hiking cycle. The latest CoreLogic data shows home values have increased by more than 10 percent in the year to date in Sydney, Brisbane and Perth. Among the regional markets, price growth has been strongest in regional South Australia with 8.6 percent growth and regional Queensland at 6.9 percent growth.

“As interest rates head close to peak, it is expected that price growth will continue. At this point, housing supply remains extremely low and many people that would be new home buyers are being pushed into the established market,” Ms Conisbee said. “Big jumps in rents are pushing more first home buyers into the market and population growth is continuing to be strong.”

Ms Conisbee said interest rates will be higher for longer due to sticky inflation. “… we are unlikely to see a rate cut until late 2024 or early 2025. This means mortgage holders need to survive until 2025, paying far more on their home loans than they did two years ago.”

Buyers in coastal areas currently have a window of opportunity to take advantage of softer prices, Ms Conisbee said. “Look out for beach house bargains over summer but you need to move quick. In many beachside holiday destinations, we saw a sharp rise in properties for sale and a corresponding fall in prices. This was driven by many pandemic driven holiday home purchases coming back on to the market.”

3 key housing market trends for 2024

Here are three of Ms Conisbee’s predictions for the key housing market trends of 2024.

Luxury apartment market to soar

Ms Conisbee said the types of apartments being built have changed dramatically amid more people choosing to live in apartments longer-term and Australia’s ageing population downsizing. “Demand is increasing for much larger, higher quality, more expensive developments. This has resulted in the most expensive apartments in Australia seeing price increases more than double those of an average priced apartment. This year, fewer apartments being built, growing population and a desire to live in some of Australia’s most sought-after inner urban areas will lead to a boom in luxury apartment demand.”

Homes to become even greener

The rising costs of energy and the health impacts of heat are two new factors driving interest in green homes, Ms Conisbee said. “Having a greener home utilising solar and batteries makes it cheaper to run air conditioning, heaters and pool pumps. We are heading into a particularly hot summer and having homes that are difficult to cool down makes them far more dangerous for the elderly and very young.”

More people living alone

For some time now, long-term social changes such as delayed marriage and an ageing population have led to more people living alone. However, Ms Conisbee points out that the pandemic also showed that many people prefer to live alone for lifestyle reasons. “Shorter term, the pandemic has shown that given the chance, many people prefer to live alone with a record increase in single-person households during the time. This trend may influence housing preferences, with a potential rise in demand for smaller dwellings and properties catering to individuals rather than traditional family units.”

MOST POPULAR

Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Related Stories
Property
How Long Does It Takes To Build A House? Construction Times Are At A 10-year High
By Bronwyn Allen 10/11/2023
Money
Incognito Mode Isn’t Doing What You Think It’s Doing
By HEIDI MITCHELL 23/11/2023
Money
China’s Economy Shows Signs of Stabilizing—and a Slower Recovery
By Reshma Kapadia 30/10/2023
0
    Your Cart
    Your cart is emptyReturn to Shop