Weekend auction results hold promise for spring vendors
Auction numbers, clearance rates on the up as spring market warms
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Last weekend continued to see improvement in both the number of houses up for auction and their clearance rates, CoreLogic reports.
After market disruptions caused by football grand finals and public holidays, the market once again found its feet, with 1,799 homes going under the hammer across the country over the weekend. This represents a 11.2 percent increase on the previous weekend and 36.7 percent higher than the weekend prior to that.
Melbourne led the way last weekend, with 721 homes going under the hammer, with a clearance rate of 68.4 percent, the highest since May. In Sydney, 686 homes were auctioned, up 41.7 percent on the Labour Day long weekend the previous week. Clearance rates also improved, with 61.3 percent of homes being sold, the highest rate since August. However, withdrawal rates in Sydney also increased from 17 percent to 21.1 percent, showing vendor uncertainty remains.
The smaller capitals all experienced greater auction activity, except for Perth. No auctions were held in Tasmania.
While the steady rise is encouraging, head of research at CoreLogic Tim Lawless points out numbers are not as strong as the same time last year.
“There has been a consistent improvement in the auction success rate since the last week of July when the combined capitals clearance rate was recorded at 51.9 percent (based on finalised numbers),” Mr Lawless said. “Melbourne came in at 66 percent, Sydney and 61 percent and Adelaide nearly broke the 70 percent mark this week based on the preliminary numbers.
“The volume of auctions is holding lower than last year – a reflection of less stock flowing onto the market, as well as more vendors choosing to use a private treaty campaign over auctions.”
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
