Auction results start year with a bang

Auction results start year with a bang

by 0 comments

Despite three interest rate hikes last year and the threat of more this year, the real estate market has remained relatively buoyant, recording positive auction clearance results in the first big auction weekend of the year.

According to data from Australian Property Monitors, Melbourne recorded a 66.2 per cent clearance rate over the weekend, up from the 49.2 per cent recorded this time last year.

In Sydney, buyers fought against the wild weather to clear more than 67 per cent of all properties listed.

Sydney also hosted Saturday’s dearest sale, when a five bedroom house in inner-western Strathfield sold for$1.8 million.

Sydney’s cheapest sale for the weekend was a parcel of land in Umina Beach that sold for $150,000.

Even the notoriously quieter auction markets of Brisbane and Adelaide managed to perform well.

Adelaide achieved a clearance rate of 54 per cent, while Brisbane managed to clear just over 40 per cent of all the properties listed for sale over the weekend.

APM economist Matthew Bell said the medium to long term outlook for property prices remained strong.

“As high population growth, rising incomes and a relative lack of new supply means there will be more demand for housing than supply,” Mr Bell said.

“In the major capitals, the median sale price of houses in the most expensive 50 per cent of suburbs rose by 17.1 per cent from its March quarter lows, compared with a rise of 9.6 per cent for the bottom half of the market.”

Despite three interest rate hikes last year and the threat of more this year, the real estate market has remained relatively buoyant, recording positive auction clearance results in the first big auction weekend of the year.

According to data from Australian Property Monitors, Melbourne recorded a 66.2 per cent clearance rate over the weekend, up from the 49.2 per cent recorded this time last year.

In Sydney, buyers fought against the wild weather to clear more than 67 per cent of all properties listed.

Sydney also hosted Saturday’s dearest sale, when a five bedroom house in inner-western Strathfield sold for$1.8 million.

Sydney’s cheapest sale for the weekend was a parcel of land in Umina Beach that sold for $150,000.

Even the notoriously quieter auction markets of Brisbane and Adelaide managed to perform well.

Adelaide achieved a clearance rate of 54 per cent, while Brisbane managed to clear just over 40 per cent of all the properties listed for sale over the weekend.

APM economist Matthew Bell said the medium to long term outlook for property prices remained strong.

“As high population growth, rising incomes and a relative lack of new supply means there will be more demand for housing than supply,” Mr Bell said.

“In the major capitals, the median sale price of houses in the most expensive 50 per cent of suburbs rose by 17.1 per cent from its March quarter lows, compared with a rise of 9.6 per cent for the bottom half of the market.”

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
Marnie Seinor on structure, database DNA and connecting with her local community

There’s no such thing as an “off switch” in real estate – so says McGrath agent Marnie Seinor, who came in at number 78 in this year...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Yes
No
Depends on the group
Do you have an industry update?