Auction clearance rates still above 75%

The preliminary auction clearance rate was 77.0% in the week ending 9 August. That compares to 74.6% the previous week and 68.0% this time last year.

Auction volumes also rose from 1,903 to 2,378 during the week. According to research house CoreLogic RP Data, that was the best turn out for auction volumes in 10 weeks.

Sydney’s auction market continues to show some signs of slowing, however results are still robust at 77.8% this week compared to 76.0% last week and 74.7% at the same time last year.

The best performing Sydney sub-regions included the Northern Beaches and the Inner West, with each region exceeding a 93% clearance rate.

Australian Property Monitors (APM) also provides a snapshot of auction results across Sydney each Saturday. For a total 539 auctions held on Saturday the 8th of August, APM recorded a median sale price of 1.1million.

In Sydney, a two-bedroom waterfront house in Sydney’s Five Dock on 1364 sqm went for $4.64 million. Domain.com reports that the property had been held by one family for 70 years.

Australia’s largest auction market of Melbourne continued to display solid results in the week to August 9, with a preliminary clearance rate of 78.6%, compared to the previous week’s result of 78.2%. Like Sydney, auction volumes were higher than the previous week, at 1,057.

Just one year ago, Melbourne’s auction clearance rate was 69.6%.

CoreLogic RP Data reported three regions in Melbourne with clearance rates of 80% this week, including Inner Melbourne, Inner East Melbourne and Outer East Melbourne.

APM’S Saturday property snapshot shows that for 631 properties sold in Melbourne, the median price was $821,000.

In Melbourne $2.23 million can get you a five-bedroom, two-bathroom property on a 1000sqm block that’s roughly 11km away from Melbourne’s CBD.

And despite being much smaller, property markets like Adelaide, Canberra and Tasmania are all on the up, with clearance rates above 80% in the past week.

Switzer Financial News / August 10, 2015

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