Long weekend fails to dent buyer demand

Long weekend fails to dent buyer demand

08 October 2013 by Staff Reporter 0 comments

Brendan Wong

The distractions of the Labour Day long weekend and the NRL grand final did not impact on the Sydney auction market, with the city again recording a clearance rate of over 80 per cent.

Despite only 259 properties being scheduled for auction, the Sydney market recorded a clearance rate of 81.8 per cent, according to Australian Property Monitors (APM). This was identical to last weekend’s result, when there were about 600 properties.

RP Data recorded a preliminary auction clearance result of 80.1 per cent across 390 auctions.

Senior economist at Australian Property Monitors (APM) Dr Andrew Wilson said: “The difference between last weekend and this weekend was that significantly lower numbers of properties were offered for auction as the market took a well-earned holiday breather.

“Despite lower number of listings, the market energy evident for most of the year continued to produce record-level results.”

Melbourne had another strong weekend of auctions with 735 properties listed for auction and a clearance rate of 75 per cent, according to APM.

RP Data recorded a slightly lower preliminary auction clearance rate of 71.4 per cent across 865 auctions.

“Last weekend signalled the end of the early spring selling season as the market took a breather due to the distractions of the AFL grand final,” Dr Wilson said.

“Melbourne recorded an auction clearance rate higher than September, of 71.4 per,cent compared to 58.8 per cent recorded over September a year ago."

Dr Wilson said despite rising confidence, there were still hurdles ahead for the Sydney and Melbourne markets with a rising unemployment rate.

According to RP Data, there were 1,483 total auctions scheduled across the capital cities over the weekend, with a preliminary auction clearance rate of 69.8 per cent.

APM reported that the most expensive and most affordable properties were in Sydney, with a value of $2.73 million and $235,000 respectively.

Brendan Wong

The distractions of the Labour Day long weekend and the NRL grand final did not impact on the Sydney auction market, with the city again recording a clearance rate of over 80 per cent.

Despite only 259 properties being scheduled for auction, the Sydney market recorded a clearance rate of 81.8 per cent, according to Australian Property Monitors (APM). This was identical to last weekend’s result, when there were about 600 properties.

RP Data recorded a preliminary auction clearance result of 80.1 per cent across 390 auctions.

Senior economist at Australian Property Monitors (APM) Dr Andrew Wilson said: “The difference between last weekend and this weekend was that significantly lower numbers of properties were offered for auction as the market took a well-earned holiday breather.

“Despite lower number of listings, the market energy evident for most of the year continued to produce record-level results.”

Melbourne had another strong weekend of auctions with 735 properties listed for auction and a clearance rate of 75 per cent, according to APM.

RP Data recorded a slightly lower preliminary auction clearance rate of 71.4 per cent across 865 auctions.

“Last weekend signalled the end of the early spring selling season as the market took a breather due to the distractions of the AFL grand final,” Dr Wilson said.

“Melbourne recorded an auction clearance rate higher than September, of 71.4 per,cent compared to 58.8 per cent recorded over September a year ago."

Dr Wilson said despite rising confidence, there were still hurdles ahead for the Sydney and Melbourne markets with a rising unemployment rate.

According to RP Data, there were 1,483 total auctions scheduled across the capital cities over the weekend, with a preliminary auction clearance rate of 69.8 per cent.

APM reported that the most expensive and most affordable properties were in Sydney, with a value of $2.73 million and $235,000 respectively.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, 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
REVEALED: The 10 best agents in Australia for 2017

For the first time ever, the top 10 agents in the REB Top 100 Agents ranking are revealed in this exclusive podcast. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
Do you have an industry update?