Decline Sydney And Melbourne Clearance Rates
Numbers take a tumble despite maintained market buoyancy.
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Auction clearance rates in the dominant markets of Sydney and Melbourne dipped at the weekend.
The number of listings also fell significantly in most capitals compared to the previous weekend, with the exception of Adelaide where listings surged to the highest number (111) of the year.
The Sydney home auction market produced another relatively strong result of 85.1% sell through. However, the clearance rate was down on the previous weekend (86.2%), and well below March’s record results.
Sydney auction numbers were also lower at the weekend – possibly impacted by the ANZAC Day holiday – with 672 homes listed compared to 785 the previous weekend. Saturday saw the lowest offering since early March, with the exception of Easter.
Sydney recorded a median price of $1,449,000 for houses sold at auction at the weekend, 7.1% lower than the $1,560,000 reported the previous weekend.
Elsewhere, Melbourne’s auction clearance rate fell for the third consecutive weekend to 79.0%, down on last weekend’s 79.7% and the lowest recorded for the year.
A mere 835 homes were reported listed for auction on Saturday in Melbourne, well below the 1062 auctioned the previous weekend, and the lowest non-holiday offering since February.
Melbourne recorded a median price of $975,000 for houses sold at auction on the weekend, 2.5% lower than the $999,900 recorded a week earlier.
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
