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Key takeaways
The early season weekend auction market has continued its resurgence despite the announcement this week by the RBA of yet another increase in official interest rates.
The national auction market reported a clearance rate of 70.8% at the weekend which was higher than the 62.9% reported last weekend but still well below the 81.6% recorded over the same weekend last year..
Adelaide was the strongest performing auction market reporting a 84.9% clearance rate.
Other auction clearance results this weekend were Canberra (64.1%); Melbourne (63%), Sydney (70.2%) and Brisbane (71.8%).
National auction numbers were also higher over the weekend with 1248 listings compared to last weekend’s 954 – but still well below the same weekend last year’s 1977 auctions
The early season weekend auction market has continued its resurgence despite the announcement this week by the RBA of yet another increase in official interest rates.
Most capitals reported higher clearance rates this weekend compared to last, with results also well ahead of those recorded over the final auction weekend of 2022.
The national auction market reported a clearance rate of 70.8% at the weekend which was higher than the 62.9% reported last weekend but still well below the 81.6% recorded over the same weekend last year.
National auction numbers were also higher over the weekend with 1248 listings compared to last weekend’s 954 – but still well below the same weekend last year’s 1977 auctions.
The early year market continues to provide generally encouraging results despite the impost of higher interest rates, with buyers and sellers now entering housing markets in increasing numbers reflecting rising appetite for property.
Sydney auction clearance results
Another Sturdy Result for Rising Sydney Market
The Sydney weekend auction market has recorded another sturdy result despite the usual early year surge in listings, with clearance rates still tracking at the highest levels since March last year.
Sydney recorded a clearance rate of 70.2% at the weekend which was similar to the 70.7% recorded last weekend but lower than the 79.5% recorded over the same weekend last year.
Saturday auction numbers were predictably higher compared to last weekend, with 541 reported listed versus 358– but remained well below the 784 auctioned over the same weekend last year.
Sydney recorded a median price of $1,600,000 for houses sold at auction at the weekend which was higher than the $1,400,000 recorded last weekend but 12.8% down on the same weekend last year’s $1,835,000.
The Lower North reported the highest regional clearance rate at the weekend with 79.2% followed by the Northern Beaches with 77.4% and the Inner West with 75.9%.
The Central Coast reported the lowest clearance rate at the weekend from just a handful of reported auctions.
The clearance rate for houses was 68.7%, with units higher again this weekend with 74.1%.
The top reported Sydney auction sale at the weekend was a 6 bedroom house at 57 Neerim Road Castle Cove that sold for $7,650,000.
The most affordable home reported sold at auction in Sydney at the weekend was a 2-bedroom unit at 11/65-69 Station St Mortdale that sold for $559,600.
Melbourne auction clearance results
Melbourne Auction Market Eases
The Melbourne weekend auction market has followed up last weekend’s solid start to the year with a lower clearance rate from a predictable surge in listings.
Melbourne reported a clearance rate of 63.0% on Saturday which was lower than the 71.7% recorded last weekend and also lower than the 72.3% recorded over the same weekend last year.
490 homes were reported listed at the weekend which was predictably higher than the 334 listed last weekend but still well below the 888 auctioned over the same weekend last year.
Melbourne recorded a median price of $1,060,000 for houses sold at auction at the weekend which was higher than the $938,900 reported last weekend but 2.8% lower than the $1,090,000 recorded over the same weekend last year.
Melbourne’s Inner East reported the top regional clearance rate on Saturday with 79.5% followed by the Outer East at 75.0% and the Inner City at 69.5%.
The West recorded the lowest regional rate at 48.7%.
The house clearance rate was 64.3%, with units lower at 58.0%.
Melbourne’s top reported auction sale at the weekend was a 4-bedroom house at 29 Greg Norman Dr Point Cook that sold for $4,100,000.
The most affordable home reported sold at auction in Melbourne at the weekend was a 1-bedroom unit at 2/5-7 Wagga Rd Reservoir that sold for $307,000.
Top Brisbane Auction Results
Top Adelaide Auction Results
Top Canberra Auction Results
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