Sell with Confidence
Read More
News

No End In Sight For Record Breaking Spring

By Rebecca Richmond

Sydney and Melbourne have continued to record solid auction performances despite higher listing numbers over the weekend.

According to Australian Property Monitors (APM), Sydney recorded a clearance rate of 85.8 per cent across 716 properties, which is the highest weekend listings total for the year so far. RP Data recorded a preliminary clearance rate of 82.6 per cent across 884 auctions.

“Weekend auction clearance rates in Sydney have averaged just under 85 per cent since the spring selling season began in September,” said senior economist at APM Dr Andrew Wilson. “This is a remarkable performance considering that listing numbers have been considerably higher this spring compared to the same period a year ago. There currently appears to be no end in sight for Sydney’s record-breaking spring auction market boom.”

However, Dr Wilson said there were significant tests to come over the next few weeks, with record or near-record auction listings being driven by sellers rushing to take advantage of a super-heated housing market.

In Melbourne, APM recorded a clearance rate of 76 per cent across 874 properties. The result was higher than last weekend’s 75 per cent clearance rate and close to the average of 75.1 per cent recorded over the last two months. RP Data recorded a clearance rate of 73.8 per cent across 1,014 auctions.

RP Data Victoria housing market specialist Robert Larocca said: “The market is clearly absorbing increased volumes in the auction market with little sign of diminished demand suggesting the record weekend at the end of October, when Melbourne will see 1,500 auctions, will deliver a result on trend.”

Dr Wilson added that Melbourne was continuing to produce solid results despite rising listing numbers, but like Sydney, record- or near record-breaking levels would be a test for the market.

Across the capital cities combined there were 2,228 auctions with a preliminary clearance rate of 74.3 per cent, according to RP Data. APM reported that the most expensive property was in Sydney with a value of $3.425 million, while the most affordable property was in Adelaide with a value of $129,000.

Source: www.rebonline.com.au

Up to Date

Latest News

  • Popular Paint Colours That Aren’t White

    By Elizabeth Clarke White can look bland. Here are some designers’ choices that don’t. While universally adored for its perceived fail-proof ability to brighten and enlarge spaces, white often lacks the depth and personality a room craves. “White is rarely right,” says designer Kate Challis. “Despite what people think, that … Read more

    Read Full Post

  • The Great Farmland Plateau: why Australia’s agricultural land boom has stalled

    Australia’s farmland boom ends: prices plateau at $9,600/hectare after doubling since the pandemic, marking the end of dramatic rural property cycle in Australian history. Australia’s farmland price boom has hit the brakes. After explosive growth that saw national agricultural land values more than double since the pandemic began, prices have … Read more

    Read Full Post