This weekend’s auction results – Buyers Active But Sellers Continue to Desert Auction Markets

Auction clearance rates in the Sydney and Melbourne markets continue to maintain the solid levels recorded over most of autumn so far with buyers still reasonably active in both markets.andrew-wilson
Sellers however clearly remain wary of the market with auction numbers still well down despite the end of Aprils lengthy holiday period.
Sydney auctions are 27.4% down this year compared to the same period last year with Melbourne down by 36.1%.
The smaller capital city auction markets are also reporting comparatively low numbers of auction listings.
Solid clearance rates are clearly being supported by low auction offerings with a sustained recovery in seller confidence likely to be a lengthy process – and not assisted by the federal election campaign.

Sydney Auction Clearance Rates Hold As Listings and Turnover Crumble

Sydney’s published results weekend auction clearance rate continues to hold above 60% with buyers still reasonably active in the local market.
Seller numbers however remain severely depressed with no sign of a late autumn revival in confidence.Metropole Property Strategists
Sydney’s 60.1% rate was lower than last weekend’s 63.4% but again similar to the same weekend last year’s 61.2%.
After last weekend’s post-holidays revival, listings were sharply down with 348 reported compared to 451 and as usual well below the same weekend last year’s 577.
Sydney’s median weekend auction price of $1,064,000 was higher than last weekends $910,000 but well down on the same weekend last year’s $1,212,000.
The value of property reported sold at auction has collapsed over the past year down by a staggering 59.4% compared to the same weekend last year for a turnover of just $116,619,000.
The Inner West was the top region this weekend with a clearance rate of 73.5% followed by the North West, Canterbury Bankstown, the Upper North Shore and the Northern Beaches all just above 60%
No respite from subdued auction offerings next weekend with the distraction of federal election day with the result also likely to continue to dampen activity.

Melbourne Auction Market Tracks Sharply Back.

Melbourne’s weekend home auction market failed to consolidate last weekend’s year-high result and recorded its lowest clearance rate for a month.
Auction numbers were also sharply down with sellers continuing to sit on the sidelines.Auction Market
Melbourne’s published auction results clearance rate of 57.6% was well below last weekend’s 64.0% and also lower than the same weekend last year’s 60.1%.
Auction numbers also fell away sharply at the weekend with 473 listed compared to the previous weekends 589 and remarkably 50% lower than the same weekend last year’s reported 958.
Melbourne’s median weekend auction price of $722,250 was however higher than last weekend’s $715,000 but well below the same weekend last year’s $855,000.
The Inner South again reported the highest regional clearance rate at the weekend at 69.2% followed by the Inner East at 65.9% with inner suburbs continuing to generally produce reasonable results for sellers.
Despite last weekend’s bounce in the clearance rate, subdued confidence, particularly from sellers, continues to characterise the Melbourne auction market with next Saturday’s general election yet another dampener on activity.
Metropole Property Strategists

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Dr. Andrew Wilson


Dr Andrew Wilson, of is Australia’s leading property economist.

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