This week the preliminary clearance rate came in at 66.6% across capital cities, compared with 60.6% last week. At the same time last year, the clearance rate was 63.3%.
Weekly clearance rate, combined capital cities
Sydney performed quite strongly this week, consistent with its performance so far this year. The preliminary clearance rate for Sydney came in at 71.7%, as opposed to 67.3% last week.
Melbourne’s clearance rate performed above its normal trend this week at 69.6%, compared with 62.4% last week.
Capital city auction statistics (preliminary)
A total number of 2,098 auctions took place across capital cities this week. In Sydney, RP Data collected results for 598 auctions, and from these, 429 were cleared. In Melbourne, there were 753 auctions collected, with 524 cleared.
In Sydney, the median price of a house came in at $752,500 after 2,080 sales were made. In Melbourne, after 2,064 sales, the median price of a house stood at $501,000. Across the capital cities, 6,755 house sales were made and the combined median price was $569,482.
Capital city private treaty median prices
Sydney’s home values over the week are up by 0.2%, and have increased by 16% since this time last year. Melbourne’s values decreased by 0.5% across the week, and were up by 8.7% over the year.
Capital city home value changes
And where are homes selling quickest? RP Data reported this week that houses took 54 days to sell in Perth , and 59 days in Sydney – making them the two cities to record the shortest time on market over the 12 months to March 2014. Overall, houses are selling much quicker than the same time last year – an average of 80 days compared to 94 days.
Research analyst, Mr Kusher, says, “The fall in average time on market at a national level is a clear sign that the amount of sales in picking up and sellers are becoming more empowered at the time of negotiation.”
“There is less scope for negotiation and discounting, you will typically find that a property sells quicker which is the scenario currently at play.”
Top 25 council areas with the shortest average time on market for houses – 12 months to March 2014
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.
Follow the Switzer Super Report on Twitter
Also in the Switzer Super Report:
- Peter Switzer: How worrying is Iraq for stocks?
- Paul Rickard: Chasing yield – AMPs Corporate Bond Fund
- Tony Featherstone: The best stock ideas for the next five years
- Rudi Filapek-Vandyk: Buy, Sell, Hold – what the brokers say
- Gary Stone: A$ continues to show strength
- Barrie Dunstan: How to win the investment game
