Melbourne leads capital city auction activity

Melbourne was host to 894 auctions this week, overtaking Sydney as the busiest capital city for auctions.

The previous week saw 646 auctions held across the Victorian capital, while this time last year, a higher 1,533 homes were taken to auction. Of the 756 results collected so far, 71.7 per cent were successful, down from last week’s preliminary clearance rate of 77.1 per cent, which revised down to 70.0 per cent at final figures. One year ago, 74.8 per cent of reported auctions were successful.

In Sydney, 887 homes were taken to auction this week, compared with 805 over the previous week and 1,221 this time last year. The preliminary clearance rate came in at 76.9 per cent this week, increasing from the previous week’s preliminary clearance rate of 76.2 per cent, which revised down to 71.6 per cent at final figures. This time last year, 78.1 per cent of reported auctions were successful.

Across the smaller cities, Canberra recorded the highest preliminary clearance rate at 78.4 per cent, followed by Adelaide and Perth (75.0 per cent), then Brisbane (63.5 per cent).

Home values

All major capital cities, including Sydney, Melbourne, Brisbane, Adelaide and Perth, saw an increase in home values over the week, with Adelaide seeing the highest increase at 0.5 per cent, followed by Perth and Sydney with 0.3 per cent.

Over the month, Adelaide saw the highest increase at 1.2 per cent, followed by Perth at 1.0 per cent, Melbourne at 0.7 per cent, Brisbane at 0.6 per cent and Sydney at 0.4 per cent.

Looking at the year-to-date change, Adelaide still saw the highest increase at 4.7 per cent, followed by Brisbane with 2.5 per cent. Only Melbourne saw a decline at -2.3 per cent.

As of the most recent four-week period, capital city private treaty median price is highest in Sydney and Melbourne for both houses and units, with median house price at $831,250 and $697,650 and median unit price at $646,000 and $562,500, respectively.

Perth was the most affordable capital city for houses, with a median price of $480,000, while Darwin was the most affordable capital city for units, with a median price of $330,00.

Private treaty sales represent around 85 per cent of all dwelling sales across the country, according to CoreLogic.

Meanwhile, average time on market for houses was longest in Brisbane at 51 days, followed by Perth (45), Darwin (40), Canberra and Sydney (35), Adelaide (32) and Melbourne (31). For units, Darwin recorded the highest number at 67 days, followed by Brisbane (63), Sydney (48), Perth (47), Adelaide (46), Canberra (37) and Melbourne (35).

Hobart had the shortest time on market for both houses and units at 28 days and 26 days, respectively.

Vendor discounting for houses was highest in Darwin at -2.7 per cent and lowest in Canberra and Sydney at -2.1 per cent. For units, vendor discounting was highest in Perth at -3.4 per cent and lowest in Canberra at -1.6 per cent.

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