Sydney Records Another Year-Low Clearance Rate
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Sydney Records Another Year-Low Clearance Rate

The auction market is trading well below last year’s figures.

By Terry Christodoulou
Mon, Mar 21, 2022Grey Clock 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.

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New research from Knight Frank’s International Waterfront Index shows waterfront properties are costing more than double their inland counterparts in Sydney while in Melbourne waterside properties attract a 40% premium.

Australia’s coastline attracts some of the highest waterfront premiums in the world with Sydney topping the index — an average premium of 121% — compared to an equivalent home set away from the water.

Auckland ranked second on the list of 17 international locations — a premium of 76%. The list saw Gold Coast (71%), Perth (69%) and the Cap d’Antibes (59%) on the French Riviera round out the top 5.

Australia continued to feature prominently in the research with Brisbane’s waterfront premium coming in at 55%, with Melbourne also in the top 10 at 39%.

According to Knight Frank Australia’s head of residential research, Michelle Ciesielski, there has always been strong appetite for Sydney’s waterfront homes.

Australia’s luxury residential market has advanced, it lacks the depth of prestige markets in more established global cities said Cieselski.

“As a result, our Australian cities can achieve a significantly higher premium on the waterfront compared to a similar property inland without access to, or a view of, water,” she said.

“Also, Australia is known for its balmy outdoor lifestyle, so many buyers in this super-prime space are willing to pay a premium to secure the ideal position along the waterfront.”

The data also suggests that beachfront homes were most desirable, commanding a premium of 63% compared to harbour locations fetching 62% premium and coastal homes with a 40% premium.