Weekend National Clearance Rate Sees Divergent Results
Strong performances in Sydney, Melbourne and Adelaide were dampened by the other states.
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Auction markets at the weekend presented split results, with most recording the highest clearance rates for recent months while other capitals fell dramatically.
As a whole, the national clearance rate at the weekend was 58.3% — lower than the 60.9% reported last weekend and well below the 78.2% recorded over the same weekend last year.
National auction numbers were higher at the weekend with 1335 listings compared to last weekend’s 1202 — but again significantly lower than the same weekend last year’s 1872 auctions.
Clearance rate declines in Brisbane (40.6%) and Canberra (33.8%) affected the national clearance rate, while the major capitals of Sydney and Melbourne performed above expectation.
The Sydney market rose sharply at the weekend, recording its highest clearance rate since May of 65.7%, which was well above the 57.8% recorded over the previous weekend=, yet lower than the 83.0% recorded over the same weekend last year.
Auction numbers were also up, with the NSW capital recording 553 listings compared to 421 and now higher than the 472 auctioned over the same weekend last year — impacted then by Covid-19 shutdowns.
Sydney recorded a median price of $1,715,000 for houses sold at auction at the weekend which was sharply higher than the $1,470,000 recorded last weekend and 5.5% higher than the same weekend last year’s $1,626,250.
Melbourne’s weekend auction market continued to rise following last weekend’s bounce in buyer activity.
The Victorian capital reported a clearance rate of 65.7% on Saturday – was again clearly above the previous weekend’s 62.1% and now similar to the 66.0% recorded over the same weekend last year.
A total of 558 homes were listed at the weekend which was similar to the 550 reported the over the previous weekend but well below the 1138 of last year.
Melbourne recorded a median price of $990,000 for houses sold at auction at the weekend which was well ahead of the $968,500 reported last weekend but 8.8% lower than the $1,085,000 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson; myhousingmarket.com
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
A new digital real estate site promises a full view of the housing sector, even those places not on the market
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Hot on the heels of the launch of View Media Group last year, Australia’s newest proptech digital media company has gone live with its consumer-facing real estate site, view.com.au.
The new site offers a ‘freemium’ model allowing vendors to list their properties for free while having the option of further upgrades for agents looking to enhance their listings.
VGM executive chairman Anthony Catalano said the model was a ‘game changer’ in the digital real estate space.
“While VMG is much more than a portal play, it’s critical that we have a consumer-facing brand that will act as the front door to attract consumers and in turn allow us to offer products and services in a range of verticals across the property ecosystem,” Mr Catalano said. “Our plan is to create a digital real estate superstore under the new View brand that will play in the $300 billion adjacency categories rather than solely focus on the $1
billion of digital property advertising.”
“We’ve listened to the industry and the time is right for an offer to come to market with an alternative model that addresses the real estate industry’s concern at the continually
escalating price of advertising.”
The View portal is available through app stores and will include properties across the country, not just those on the market right now.
“That means view.com.au will showcase more than 11 million properties in Australia compared to some of the portals which feature around 140,000 properties for sale,” Mr Catalano said. “From Day 1 we will provide consumers with a complete view of the market.’’
View has worked with mapping partner Nearmap to create the ability to have a comprehensive overview of all properties.
“We’ve had a look globally at best practice search for property and we’ve consumer tested a range of options and without doubt the preferred experience is map-based search,” View CEO Toby Blazs said. “So unlike others in the market who default consumers to a list view, we’ll default our search results via a map.”
Mr Catalano said the innovative site was designed to be a true disruptor in the proptech sector.
“VMG continues to grow and tick off the key parts of its strategic plan,” he said. “We are well on the way to forming a global-first conglomerate of proptech assets including portals, ad tech, lead generation, lead management solutions, media planning and buying, AI services, data and connections all under the one roof.”
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
