Winter Fails To Cool Hot Auction Market
Records continue to tumble across the Australian capitals.
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This past Saturday, saw a June record 2888 homes reported for auction across state capitals.
As expected, this figure was well ahead of the previous holiday weekend’s 1413, and nearly three times the 1019 listed over the same weekend last year. It was the second-highest number of listings for the year, only surpassed by the 3118 recorded over the pre-Easter Saturday of April 27.
Despite the record numbers, the market continues its firm ascent with a national clearance rate of 82.3% achieved nationally. Saturday’s national result was also the highest recorded for six weeks.
Sydney’s recorded clearance rate of 80.8% was up on the previous weekend’s 77.8% and well ahead of the 67.9% recorded over the same weekend in 2020.
The NSW capital reported 1036 auctions on Saturday, just below the June record of 1048 set two weeks ago.
Further, the median price for houses sold at auction at the weekend in Sydney was $1,610,000, higher than the $1,555,000 reported over the previous Saturday and 19,9% higher than the same weekend last year.
In Melbourne, 1566 auctions were reported which smashed the June record 1379 set just two weekends ago – and was well above the 480 reported over the same weekend last year.
Melbourne recorded a clearance rate of 84.4% — a dramatic rise compared to the 69.0% reported the previous weekend. The median price of $979,000 for houses sold at auction proved 10% higher than the same weekend last year.
Data powered by Dr. Andrew Wilson of 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
