No spring in auction clearance rates
Sales data from the weekend just passed indicates that the first spring auctions failed to deliver a significant boost to Australia’s largest markets.
Sydney’s slight recovery has continued, while Melbourne has taken a dip, but overall auction clearance rates moved very little over the first weekend of spring.
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
The national auction clearance rate improved by one per cent to 75 per cent over the weekend, according to data from Australian Property Monitors.
Sydney’s clearance rate was recorded at 75 per cent, a 1 per cent increase on the previous result and a two per cent improvement on the weekend prior to that.
Sydney’s median sale price on the weekend was $1.15 million, up from $1.1 million.
Melbourne’s clearance rate was recorded at 76 per cent, down three per cent from the previous weekend.
Melbourne’s median sales price on the weekend was $802,000, up from $797,500 the previous weekend.
The two other cities included in the data, Adelaide and Brisbane, recorded contrasting performances.
Brisbane recorded a clearance rate of 49 per cent, down from 53 per cent.
The median sale price for the weekend in Brisbane wasn't far behind Melbourne, at $769,000.
That price, calculated on 22 reported sales compared to Melbourne’s 550, was up from the previous weekend’s $670,000.
Adelaide recorded a clearance rate of 70 per cent, a nine per cent improvement over the previous weekend’s result.
Adelaide’s median auction price on the weekend was $621,000, based on 21 sales, well up on its previous figure of $475,000.
Read more:
Investor lending crackdown is 'dangerous'
Transparency boost for NSW real estate
EXCLUSIVE: The 6 week property transformation episode 1
5 ways to protect your property from pet damage
Should I buy a home or an investment property first?
