Property activity slows, but doesn’t quite hibernate

Editorial director of Switzer
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July is typically a slow month for residential real estate, as buyers hide away during the cold months of winter, waiting for the spring selling season.

And total auction numbers across the country were down on Saturday with just under 1,000 auctions across the capital cities (excluding Hobart) compared to 1,548 the previous weekend. Despite this, the weighted average clearance rate, as calculated by RP Data for the capital cities, was not too shabby at 65.3% (see graph 1 below).

Sydney still recorded a strong clearance rate for the weekend of 77.5% and Melbourne’s clearance rate, as recorded by APM, was 66.3% (see table 1 below). They compared to RP Data’s rates of 74.5% and 65.9%.

The updated APM numbers for the weekend of June 29 revealed over 300 properties sold at auction in Sydney and nearly 400 in Melbourne (see table 2 below). A total value of $490.4 million was sold in the two major capital cities.

The same weekend a year ago was still showing very low activity with less than 300 auctions across the capital cities of Sydney, Melbourne, Adelaide and Brisbane (see table 3 below).

Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.

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