Auction market maintains runaway results
Sydney’s weekend auction market did not slow down over the weekend, with buyer and seller numbers at record levels.
According to Australian Property Monitors (APM), the city recorded an auction clearance rate of 80.6 per cent across 767 auctions. While it was the lowest result recorded over the month, it was the 17th weekend where the clearance rate exceeded the 80 per cent mark over the past 19 weekends.
RP Data recorded a slightly slower auction clearance rate of 78.2 per cent, an increase from the previous week’s result of 76 per cent.
Senior economist at APM Dr Andrew Wilson said, “Sydney’s weekend auction clearance rates have now averaged a remarkable and unprecedented 83.3 per cent over the spring so far, compared to just 63.1 per cent over the same period last year.
“Equally remarkable is that record-high clearance rates are being achieved from record-high listing numbers - 2,308 properties have been auctioned over the first three weekends of November, compared to just 1,575 over the same time last year.”
Melbourne continued its consistent spring performance, with APM recording a clearance rate of 73.3 per cent across 1,084 auctions. This was an almost identical result to last weekend’s 73.1 per cent, and just below the spring average of 74.5 per cent.
RP Data recorded a result of 70.3 per cent across 829 auctions.
“This was the third largest auction weekend this year and the seventh with over 1,000 auctions scheduled this year,” said RP Data Victoria Housing market specialist Robert Larocca.
“As the Melbourne market heads to the end of the year it appears buyers won’t be confronted by price rises of any significance.
“After a year of ongoing moderate growth, demand seems to have found a new level. Results over the last fortnight and a recent reduction in Melbourne home values of 0.5 per cent over the last month, according to the RP Data-Rismark Daily Home Value Index, suggests a pause in the current growth cycle.”
According to RP Data, the overall preliminary clearance rate was 69.6 per cent across 2,813 auctions. At the same time last year, the result was 52.3 per cent across 2,102 auctions.
APM reported that the most expensive and affordable properties were in Sydney, with a value of $3.276 million and $191,000 respectively.