This week, the preliminary auction clearance rate across capital cities was 66.1%, compared with 66.6% last week. At the same time last year, the auction clearance rate was 67.1%.
Weekly clearance rate, combined capital cities
There has also been a 53% rise in homes on offer at auction since this time last year, and since the clearance rate has remained quite steady, there is definitely sufficient demand from buyers.
Demand in the Sydney market gained a nice boost from the recorded preliminary clearance rate of 69.9% last week, to 76.2% this week. Again, this solid gain indicates buyers have welcomed being spoilt for choice with what’s on offer – there were 1,075 auctions in Sydney this week! Across the major capital cities, auctions totalled 2,714.
Capital city auction statistics (preliminary)
The preliminary clearance rate in Melbourne was 61.7% this week, compared with 68.8% last week, which suggests demand and supply remains fairly consistent. In Melbourne, the median price of houses came in at $485,000 while Sydney’s median price sat at $700,000.
Capital city private treaty median prices
However, the Sydney home value dropped 0.7% over the week to be down by 1% over the month, as average prices in the combined five capitals were down 1.7% over the month.
Capital city home value changes
The average time on market for Sydney was 30 days, with the rate of vendor discounting (the average percentage difference between original listing price and final selling price) was -4.5%. In Melbourne, the average vendor discount was -5.4%, after 41 days on the market.
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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