Auction markets see record highs

Brisbane saw the highest level of annual price growth at 29.3 per cent, followed by Sydney with 16.4 per cent, Canberra with 12.2 per cent, Melbourne with 11 per cent and Adelaide with 10.9 per cent.

“Home auction markets have soared to record highs over March, reflecting unprecedented buyer demand for available property,” said Archistar chief economist Dr Andrew Wilson.

“No surprise that strong buyer competition has resulted in surging auction prices, also now at record highs and clearly set to go higher.”

Based on houses sold at weekend auctions in March, Sydney recorded the highest median price for houses at $1,609,375, followed by Brisbane with $1,099,750, Melbourne with $1,010,750, Canberra with $926,875 and Adelaide with $757,375.

Over the month of March, Sydney and Melbourne property values were reported to have reached record highs, surpassing peak levels recorded in 2017 and 2020, respectively.

Clearance rates

Auction clearance rates across capital cities also continued to surge over March, with all markets “reporting record-level results”, according to Dr Wilson.

Sydney and Adelaide led the charge with a 90 per cent clearance rate over the month, followed by Canberra with 89.6 per cent, Melbourne with 82 per cent and Brisbane with 81.4 per cent.

The chief economist noted that all capital cities currently witness clearance rates higher than the levels recorded in March 2020.

Looking ahead, although auction markets are up for a “quieter month” in April, Dr Wilson expects auction results to continue driving a surge in home prices.

“Weekend home auction markets as expected have continued to produce boom-time results over March, with prices and clearance rates now clearly at record levels.

“Although April is typically a quieter month for auction activity, with buyers and sellers distracted by holidays, results will nonetheless likely continue to track at record levels with home prices set to go higher – and higher,” he concluded.