A surge in the number of properties put to auction this weekend failed to dent clearance rates.
Auction listings surged at the weekend compared to the previous Saturday but remain well below the totals recorded at the same time last year.
Fewer choices for buyers may be helping to support clearance rates, but recent results in most markets have consolidated and with just a hint of a recovery now emerging – particularly in Sydney.
The Sydney property market recorded its best weekend clearance rate since early spring with Melbourne steady despite nearly 1,000 homes going under the hammer.
Brisbane however fell away with high listings but Adelaide again produced the top result and remains the nation’s strongest home auction market.
Canberra results are well down on the same time last year but sellers are still confident to engage the market in healthy numbers.
Auction markets have withstood most tests over the past month and will finish February in much better shape than many wrongly predicted.
Sydney Market Looking Better – Inner Suburbs Strong
The Sydney weekend home auction market is on the rise and on Saturday recorded its highest clearance rate for the year so far and well above the results reported over spring last year.
Lower listing numbers however may be contributing to higher clearance rates with 30% fewer auctions so far this year compared to the same period last year.
Sydney auction prices are rising with Saturdays median of $1,230,000 higher than the previous Saturday’s $1,224,000 and now just 0.4% lower than the $1,235,000 recorded over the same Saturday last year.
Sydney’s inner-suburban, higher-price regions continue to produce generally strong results for sellers and from reasonably solid auction numbers.
The Lower North, Inner West and Eastern Suburbs were again top regional performers on Saturday with the South and Upper North Shore also reporting positive results for sellers.
February has provided some early signs of a recovery in the Sydney property market with prices and clearance rates now tracking similar to February last year.
And although seller numbers are well down, overall results have not panned out as bad as many predicted.
Melbourne Auction Market Solid, Steady and Consistent.
Melbourne’s home auction market continues to provide sellers with generally positive results despite a surge in listings at the weekend.
Melbourne reported another solid clearance rate just below 60% with overall results continuing to track well above those recorded at the end of last year.
Although Melbourne hosted a sharp increase in auctions at the weekend with nearly 1000 offerings, numbers remain 30% lower so far this year compared to the same period last year.
Melbourne’s regions recorded remarkably consistent results at the weekend with all areas reporting clearance rates at or above 50%.
The West and Inner South reported the top rates despite the highest number of auctions with each well above 100.
The South East was again the under performer both in clearance rates and listings.
Melbourne recorded a weekend median auction price of $765,000 which was higher than the previous weekends $750,000 but 10% lower than the same weekend last years $850,000.
Melbourne’s February weekend home auction market has produced solid, steady and consistent results and although well above the record lows recorded at the end of last year, prices and clearance rates remain well below those recorded over last February.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.