Sydney Records Another Year-Low Clearance Rate
The auction market is trading well below last year’s figures.
2 min
The national home auction market enjoyed a weekend free from weather events and holiday distractions, posting a lift in clearance rates and auction numbers.
Across the country, the market saw 2475 listings, up on the previous weekend’s 1574 and well ahead of the 2190 reported over the same Saturday last year.
Further, the national clearance rate lifted to 75.1% at the weekend — higher than the previous weekend’s 73.8% but significantly down on the 87.4% recorded over the same weekend last year.
Out of all the capital cities, Adelaide was the only market to break 80%, posting an impressive 89.8% clearance rate from 111 auctions.
Sydney’s market was lower again with an elevated number of withdrawals posted.
The NSW capital recorded a year-low clearance rate of 69.6% at the weekend – similar to the 69.8% reported last weekend but well below the record high 92.4% reported over the same weekend last year.
Sydney reported 866 homes listed for auction. However, this figure is down on the previous weekend’s 884, yet higher than the 856 auction over the same weekend last year.
Sydney recorded a median price of $1,757,000 for houses sold at auction at the weekend — higher than the $1,605,500 reported over the previous weekend and 9.1% higher than the $1,610,500 recorded over the same weekend last year.
Melbourne’s market saw a predictable surge in auction listings following the holiday weekend, up to 1390 homes listed for auction from the previous weekend’s 423.
The Victorian capital recorded a steady clearance rate of 69.9% on Saturday which was slightly lower than last weekend’s 70.3% and remained well below the 82.1% recorded over the corresponding weekend last year.
Melbourne recorded a median price of $1,115,000 for houses sold at auction at the weekend which was significantly higher than last weekend’s $1,008,000 and 13.8% higher than the $980,000 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson, 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
The construction sector is roaring back to life in some Australian states while others languish in the doldrums
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The home building market is on the rebound as building approvals rise, new data reveals.
Information from the Australian Bureau of Statistics shows that the total number of dwellings approved in August was up 7 percent seasonally adjusted, with apartments leading the way.
Private sector house approvals gained 5.8 percent in August while private sector residences excluding houses were up 9.4 percent. This follows on from a decrease of 14.6 percent in July and indicates a solid recovery in the Australian construction sector as the end of the year approaches.
Approvals for total dwellings were strongest in the two largest states, with Victoria recording a rise of 22.2 percent and NSW 12.5 percent. Western Australia also saw a significant rise of 12.3 percent.
In Queensland, the results were less positive for the sector, with total dwelling approvals falling by -26.9 percent. Tasmania also experienced a drop in approvals in August, down -10.1 percent and South Australia -6.9 percent.
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
