‘Softer’ market conditions to open up more opportunities for upsizers, experts say
After two years of facing several hurdles, experts say that upsizers should take advantage of the softening market condi...
A booming auction market seems like a distant dream for this particular city, where clearance rates are now languishing below 60 per cent.
Sydney posted a clearance rate of 59.2 per cent last weekend, compared with 71 per cent on the corresponding weekend last year, according to APM PriceFinder.
It was only in July that the city enjoyed its 12th consecutive weekend above 80 per cent, during which the rate climbed as high as 89.2 per cent.
Auction transactions are also down in Sydney, with sales falling 28 per cent year-on-year to 452. Prices continued to rise, however, with the median price for house sales up 11.7 per cent to $1.34 million and the median price for unit sales up 14.7 per cent to $861,000.
Melbourne posted a clearance rate of 69.7 per cent last weekend compared with 67.5 per cent last year. Sales climbed 0.8 per cent to 607, while the median house price increased 7.8 per cent to $830,000 and the median unit price increased 1.9 per cent to $545,000.
Brisbane could only muster a 35.5 per cent clearance rate, with the 22 sales achieving a median price of $560,000.
Adelaide posted a clearance rate of 67.2 per cent, with the 43 sales achieving a median price of $656,000.
The Canberra market achieved a clearance rate of 74.3 per cent, with 52 properties selling for a median price of $750,000.
Across Australia, the clearance rate fell from 67.1 per cent last year to 64.2 per cent last weekend.
Sales fell 12.8 per cent to 1,176, with the median house price falling 1.8 per cent to $895,000 and the median unit price rising 3 per cent to $660,000.
Sydney agency Simeon Manners achieved Australia’s best auction result, selling a six-bedroom Mosman house for $5.38 million.
Nick Johnstone Real Estate achieved Melbourne’s best result with alandholding that sold for $3.16 million.
Canberra’s best result was recorded by Peter Blackshaw Real Estate Manuka, which sold a four-bedroom Yarralumla house for $2.21 million.
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.
Rates refer to a fixed price or an amount charged by sellers or providers for their goods and services.