Saturday home auction results continue to track consistently around the levels reported most weekends so far this year providing sellers at least with some sense of certainty in regard to underlying market conditions.
Although auction numbers generally remain below the levels recorded at the same time last year, they nonetheless continue to provide buyers with reasonable choices.
Sydney once again produced the top clearance rate and continues to track at around the 60% mark with Melbourne now settling in the mid-50’s although Saturday’s result was one of its highest recorded so far this year.
Home auction markets will be distracted over the next few weekends as school holidays and this year’s lengthy Easter break act as usual to sideline many buyers and sellers in what are already flattish market conditions generally.
The Melbourne home auction market greeted the beginning of the lengthy school holiday period with yet another mid-50% weekend clearance rate where it has remained resolutely since the beginning of February.
Melbourne’s published results auction clearance rate of 57.3% was higher than the previous weekends 54.6% but well down on the 67.9% recorded over the same weekend last year.
Following last weekends month-high surge in pre-holiday listings of 803, auction number were predictably lower on Saturday with 775 reported but higher than the 601 listed over the same weekend last year.
Auction numbers will likely be lower again over coming weekends with the advent of the April holiday period.
Melbourne recorded a median auction price of $806,500 on Saturday which was lower than the previous weekends $830,000 but higher than the $690,000 recorded over the same weekend last year.
Melbourne’s Outer East suburban region yet again reported the highest clearance rates at the weekend with 66.7% closely followed by the Inner East and the Inner South.
Its April Already and Nothing’ Much Has Changed in the Sydney Auction Market.
Sydney’s home auction market produced yet another reasonably solid result for sellers this weekend with clearance rates remaining remarkably consistent over the past two months Sydney reported a published results clearance rate of 62.4% on Saturday which was down on the previous weekends 64.9% and the 64.7% recorded over the same weekend last year.
Auction numbers were steady at the weekend with the 621 reported listings similar to the 639 reported last weekend and the 700 reported over the same weekend last year.
Auction numbers will however likely be lower over coming weekends with the advent of the usual significant distractions of the April holiday period.
Sydney property’s weekend median auction price of $1,192,000 was higher than the previous weekends $1,100,000 but 2.3% lower than the $1,220,000 recorded over the same weekend last year.
The City and East was the top performing suburban region at the weekend with a clearance rate of 74.1% and from the highest reported results.
The Upper North Shore however was well down this weekend compared to recent results with a clearance rate of 46.2%.
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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au