Winter Auction Markets End Positively
Engaged sellers drive auction markets.
2 min
The winter weekend auction market has ended on a largely positive note.
A total of 2202 auctions were reported listed nationally at the weekend – higher than the previous weekend’s 1943 and significantly higher than the 737 auctions over the same weekend last year.
The weekend increase in auctions reflected rises in Melbourne (1427), Adelaide (114) and Sydney (488) – however, Brisbane (88) and Canberra (85) were slightly lower.
Despite a rise in listings nationally, the clearance rate decreases sharply – down to 76.2% from 80.7% – the lowest for the year so far.
High withdrawals in Melbourne dragged the national clearance rate down sharply this weekend – while other capitals continued to produce robust results.
In Sydney, the weekend auction market produced strong buyer activity with a clearance rate of 83.35% lower than the previous weekend’s 86.3% and again well ahead of the 70.8% recorded over the same weekend last year.
Of note, Sydney recorded an 80% clearance rate for each weekend of August – a strong showing for a city in the depths of lockdown.
However, the high clearance rates reflect the shortfall of listings mentioned above.
Sydney recorded a median price of $1,757,00 for houses sold at auction at the weekend – lower than the $1,878,000 reported over the previous Saturday but 34.1% higher than the $1,310,000 recorded over the same weekend last year.
While Melbourne listed an impressive number of auctions, a high level of withdrawals impacted the performance of the market.
Just 48.1% of listed auctions cleared on Saturday – well below the previous weekend’s 64.9% – and the lowest since last year’s winter and spring lockdown impacted results.
Melbourne recorded a median price of $1,000,000 for houses sold at auction at the weekend – lower than the $1,018,000 recorded over the previous weekend but 10.3% higher than the $906,500 recorded over the same weekend last year.
Data powered by Dr Andrew Wilson, My Housing Market.
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
< 1 min
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
