Property action has slowed a little after a very hot spring, but there is still plenty of action, even as the market slows down before Christmas.
The preliminary weighted auction clearance rate for the capital cities fell slightly to 65.1% from 66.9% on the weekend, according to RP Data (see chart 1 below). In total, there were 3170 auctions in capital city markets over the weekend, down from 3472 the previous week.
Weekly clearance rate, combined capital cities
Source: RP DataIn Sydney, the clearance rate was recorded at 78.2%, according to APM and in Melbourne it was 66.7%. In Melbourne, of the 1310 listed auctions, there were 650 properties sold at 962 reported auctions (see table 1 below).
Table 1: This Saturday, 7 December 2013
Source: APM
The updated data for the previous week recorded Sydney’s clearance rate at 76.9% and Melbourne’s at 69.3%, with 571 and 819 properties sold at auction in those cities respectively (see table 2 below).
Table 2: Last Saturday, 30 November 2013
Source: APMThe same week a year ago still shows very low numbers – 56.4% in Sydney and 61.3% in Melbourne – although the number of properties sold was creeping up at 329 and 450 in both cities respectively (see table 3 below).
Table 3: 17 November 2012
Source: APM
The capital city home value changes show the slight slow down over the month but the annual change is still very robust for the major East Coast Capital cities – 13.8% for Sydney and 7.1% for Melbourne (see table 4 below).
Capital city home value changes
Source: RP Data
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