Winter Chill Freezes Auction Markets
The national clearance rate is being propped up by the smaller capital cities.
2 min
Capital city auction clearance rates were generally, and sharply, lower than the previous weekend with the winter selling season arriving early this year in the major markets of Melbourne and Sydney.
The national auction market lifted to 69.4% from the previous weekend’s 67.3% thanks to strong performances in Brisbane (80.9%) and Adelaide (79.7%). The national figure is still well below the clearance rate reported for the same weekend last year of 80.7%.
National auction numbers also tumbled from last weekend, with 2220 homes listed compared to 2707 — well below the same weekend last year’s 2697.
Sydney’s market fell sharply at the weekend to reach a two-year low recording a clearance rate of just 60.3% at the weekend — well below the 66.9% recorded last weekend and the 80.7% recorded over the same weekend last year.
A total of 801 Sydney homes were listed for auction at the weekend — well below the 1013 of the previous weekend and lower than the same week last year’s efforts of 1048.
Sydney recorded a median price of $1,550,000 for houses sold at auction at the weekend which was well below the $1,720,000 recorded last weekend and 3.4% lower than the same weekend last year’s $1,605,000.
Melbourne saw similar results, with clearance rates sharply lower, equalling the year-to-date low of 63.8% seen on the election day weekend. The figure is lower than the previous weekend’s 68.1% and well below the 72.2% recorded over the same weekend last year.
Only 1095 homes were listed at the weekend in the Victorian capital — lower than the 1320 reported over the previous weekend and the 1369 listed over the same weekend last year.d
Melbourne recorded a median price of $1,117,000 for houses sold at auction at the weekend which was lower than the $1,150,000 reported last weekend but still 6.8% higher than the $1,046,000 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
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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
