This week there was a strong set of auction sales data across capital cities, with a preliminary weekly clearance rate for the combined capital cities of 68.3%, up from 67.1% the previous week.
At the same time last year, the preliminary auction clearance rate was 72.1%.
Weekly clearance rate (combined capital cities)
During the month of May, auction volumes were at record highs. Although the clearance rate was lower than this time last year, there were 3,037 auctions held, compared with 1,845 last year.
These higher auction volumes are clearly attributed to the improved demand from buyers, who are keen to scope out what’s currently on the market.
Capital city auction statistics (preliminary)
In Sydney, there was a preliminary auction clearance rate of 77.1% compared to 73.1% the previous week. Melbourne’s clearance rate on the weekend was 64.6% compared to 66.6% the previous week.
Sydney’s capital city home values dropped 0.2% from last week, and came in 1.6% lower over the month. Melbourne has also seen a negative change in home values, down 1.2% across the week and 3.7% lower than the same time last month.
Across the five combined capital cities there was a negative change of 0.3% in home values over the week.
Capital city home value changes
And looking to private treaty median price figures across capital cities for the week – Sydney’s came in at $710,000 after 2,214 sales were made, while Melbourne’s totalled $485,000 after 1,798 sales. Across the combined capital cities there were 6,555 private treaty sales and the median price was $556,451.
Capital city private treaty median prices
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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