Sydney and Melbourne auctions results cool off over the weekend

[danielkanoon]

Apparently Sydney and Melbourne’s run of strong auction clearance rates has dropped off as both cities failed to clear 75 per cent of the listed properties last weekend.

Sydney achieved a clearance rate of 63.0 per cent, down from 73.4 per cent last weekend.

Melbourne, 196 properties went under the hammer, a marked reduction from the 351 properties sold last weekend. The city achieved a clearance rate of 74.0 per cent, down from 77.7 per cent last weekend.

I hope this decline in auction clearance rates does become consistent, after such steady growth for the last few months.

 

[vbplease]

I attended an auction in Brisbane on Saturday.. Inner city renovator. Went for waaaaaaaay more than it was worth.. still plenty of interest for this style of property here...

I hope this decline in auction clearance rates does become consistent, after such steady growth for the last few months.

I hope it cools off too..

 

[Ms Jade]

Melbourne, 196 properties went under the hammer, a marked reduction from the 351 properties sold last weekend. The city achieved a clearance rate of 74.0 per cent, down from 77.7 per cent last weekend.

Interesting. The Age reported the clearance figure as 82%. Or are you playing funny buggers by referring to "The city" as in the CBD only? Doesn't seem to be much let-up from where I'm sitting. House in Gould St Frankston sold for $906k (supposed to be around 700k), and still quite a lot auctioned around Melbourne selling for $100k+ over the reserve.

 

[pieman]

yeah this market's really flat

 

[Graemsay]

The difference between 77.7% and 74% for Melbourne is insignificant. It corresponds to four or five more sales.

I think that the drop in sales figures (351 down to 196) is more significant. There's been a lot of talk of the FHB drawing demand forward.

 

[buzzlightyear]

Tend to think that the auction results are overplayed or given more credence by the average Joe and the media. Let's not join them.

To put that figure into perspective,

* what % of homes are sold privately
* what % of those not sold at auction on the day are eventually sold afterwards.
* city bias towards or away from auctions, makes these figures more or less relevant eg strong auction culture like Melbourne may mean there is more relevance for auction results there, than potentially in another city, whose primary selling method is private sales

 

[BayView]

Apparently Sydney and Melbourne’s run of strong auction clearance rates has dropped off as both cities failed to clear 75 per cent of the listed properties last weekend.

Sydney achieved a clearance rate of 63.0 per cent, down from 73.4 per cent last weekend.

Melbourne, 196 properties went under the hammer, a marked reduction from the 351 properties sold last weekend. The city achieved a clearance rate of 74.0 per cent, down from 77.7 per cent last weekend.

I hope this decline in auction clearance rates does become consistent, after such steady growth for the last few months.

Another rate rise next month will do it.

On it's own, another rate rise wouldn't hurt too many people's back pockets (I hope) but the fear of more will slow down a lot of potential buyers.