Long weekends in Southern states put a breather on auction activity over the weekend, with the preliminary weighted average clearance rate for the seven capital cities dropping to 70.4% from 74.2% the previous week. The total number of properties put up for auction fell sharply over the week to 1506, from 2712. The number of properties put up for auction in Melbourne dropped to 330 from 1334.
There was no holiday in Sydney today and the auction clearance rate rose above 80% again to 80.2%. In Melbourne, the clearance rate dropped to 63.3% on the low volume, compared to well over 70% the previous week.
Home values are still relatively robust, with all cities RP Data monitors – Sydney, Melbourne, Brisbane, Adelaide and Perth – experiencing increases over the week, although Perth was up by just 0.1%. Melbourne, despite the lower auction activity, had the biggest jump of 1.7% and home values there are now 11% higher than they were a year ago.
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Also in the Switzer Super Report:
- Peter Switzer –Â How long can this bull market last?
- Gary Stone –Â Is the Rio phoenix rising?
- Paul Rickard –Â Gold and mid-caps lead the market higher
- Penny Pryor –Â Shortlisted
- Geoff Wilson –Â The greatest reality show on earth – the stock market!
- Rudi Filapek-Vandyck –Â Buy, sell, hold – what the brokers say
- Penny Pryor –Â Super news – concessional caps lifted
