The sun comes out on weekend auction results in Sydney
The weather was not the only thing warming up in Australia’s largest capital
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Auction clearance rates took a surprising turn in Sydney over the weekend, bouncing back to their highest levels since mid April, CoreLogic reports.
Australia’s largest capital recorded a 69.7 percent clearance rate last weekend which, while representing the best result so far this season, was still down on last year’s clearance rate of 74.1 percent.
Just 701 Sydney homes went under the hammer over the weekend, compared with 1,239 this time last year.
Overall, auction activity was down -2 percent across the capitals, with 1,883 homes presented to the market. Melbourne was the busiest city, with 764 homes put to auction and a clearance rate of 61.9 percent, compared with 67.7 percent last year. In Adelaide, 156 homes were put to market, with 66.3 percent selling. In brisbane, 131 houses went to auction, with a disappointing clearance rate of just 43 percent.
While results are down by 10 percent on this time last year, they represent a 3.8 percent rise on last 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
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
