Winter Auction Market Reports Slow And Steady Results
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Winter Auction Market Reports Slow And Steady Results

Sydney recorded its highest clearance rate since early July.

By Kanebridge News
Mon, Aug 1, 2022Grey Clock 2 min

Weekend auction markets have ended July with solid winter results across the nation’s capitals.

The national auction market reported a clearance rate of 62.0% at the weekend — up on the 60.1% reported last weekend but lower than the 83.6% recorded over the same weekend last year.

The national auction numbers were again higher at the weekend with 1543 listings compared to last weekend’s 1487 — well below the same weekend last year’s 2203 auctions.

In Sydney, there was a small lift in the clearance rate with the NSW capital recording its highest weekend rate since early July of 62.5% — well above those of recent weeks. The result was also an improviement on last weekend’s 57.9% yet remained well below the 79.1% recorded over the same weekend last year.

Auction numbers were similar to the previous weekend with 570 reported compared to the 575 of the weekend prior. These figures are lower than the 623 auctioned over the same weekend last year.

Sydney recorded a median price of $1,497,000 for houses sold at auction at the weekend — lower than the $1505,500 recorded last weekend but 12.0% lower than the same weekend last year’s $1,700,661.

Melbourne’s weekend auction market has finished July with yet another consistent clearance rate with buyers and sellers engaging the mid-winter market.

The Victorian capital reported a clearance rate of 60.5% on Saturday which was yet again similar to the previous weekend’s 60.7% but again lower than the 77.6% recorded over the same weekend last year.

A total of 692 homes were reported listed at the weekend — higher than the 627 reported over the previous weekend but again well below the 1264 listed over the same weekend last year.

Melbourne recorded a median price of $970,000 for houses sold at auction at the weekend which was lower than the $1,000,000 reported last weekend but 0.3% higher than the $967,000 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.