Property market update: Melbourne, September 2021
Melbourne’s property market kept the ball rolling in September as the city’s dwelling values rose once more during t...
With a continuous increase in auction volumes, clearance rates trended lower over the past week, new data has revealed.
The latest figures from CoreLogic found 3,033 homes were taken to auction across the combined capital cities in the week ended 9 May 2021, making it the second-biggest week for auctions this year.
However, the higher volumes saw a preliminary rate of just 78.6 per cent, lower than the week prior’s final clearance rate of 77.7 per cent – off of 2,902 homes.
One year ago, only 59.9 per cent of 480 auctions recorded a successful result due to ongoing COVID-19 restrictions.
Based on the collected results, CoreLogic noted that houses continued to outperform units, with 80.9 per cent of houses recording a sold result so far this week, compared to just 71.1 per cent of units.
Zooming in on the capital cities, Canberra emerged with the highest preliminary clearance rate at 85.5 per cent, followed by Sydney with 82.6 per cent, Adelaide with 77.0 per cent, Melbourne with 76.5 per cent, Brisbane with 72.0 per cent and with 47.8 per cent.
Melbourne recorded the highest number of auctions at 1,420, followed by Sydney with 1,157.
Other capital cities have far fewer auctions recorded, with Brisbane at 196, Adelaide at 137, Canberra at 93, Perth at 28 and Tasmania at 2.
Looking at the weekly change in home values, CoreLogic pointed to a 0.5 per cent growth in combined capital city values over the week ended 9 May 2021, with Sydney leading the charge at a 0.7 per cent rise, followed by Adelaide with 0.4 per cent, Melbourne with 0.4 per cent and Brisbane and Perth with 0.3 per cent.
Month-on-month, the data saw Sydney maintain its lead with a 2.5 per cent increase, followed closely by Adelaide with 2.1 per cent. Brisbane saw a slightly lower increase at 1.5 per cent, followed by Melbourne with 1.4 per cent and Perth with 0.8 per cent.
Meanwhile, year-to-date changes pointed to Sydney still winning the race, further widening its gap from other capital cities with a rise of 10.2 per cent. Brisbane followed with 7.0 per cent, then Melbourne with 6.8 per cent, Perth with 6.2 per cent and Adelaide with 5.8 per cent.
Over the most recent four-week period, Sydney and Canberra clocked the highest capital city private treaty median price for houses at $879,285 and $850,000, respectively. Sydney also held the pole position for units, with a private treaty median of $649,950, while Melbourne followed with an average figure of $575,000.
On the other hand, Perth was the most affordable capital city for houses, with the private treaty median price sitting at $500,500; while Darwin has taken the crown for most affordable units, with a median price sitting at $360,000.
Private treaty sales represent around 85 per cent of all dwelling sales across the country, according to CoreLogic.
Average time on market for houses was shortest in Sydney at 27 days, followed by Hobart (29), Melbourne (31), Adelaide (32), Perth (35) and Canberra (36). Brisbane and Darwin had the longest time on market at 41 days.
For units, Hobart recorded the lowest number at 21 days, while Brisbane was the highest at 51 days, followed by Melbourne (42), Perth (39), Canberra (38), Darwin (37), Sydney (37), and Adelaide (37).