There was a slight dip in auction activity over the week, as the clearance rate for combined capital cities slipped to 67.3% from 67.7% with 2,669 auctions, compared to the 3,039 auctions of capital city properties the previous week.
Of note was the drop in Melbourne’s auction clearance rate to the lowest it has been so far this year, at 63.4%. Perhaps the Southern city was pre-occupied with the comedy festival, or maybe oversupply is an issue. Melbourne has long had a much higher number of auctions than Sydney.
The lower activity in Melbourne also filtered through to the median home value, which was down by 0.6% over the week and 0.1% over the month. However, on a year-to-date basis, its increase of 4.8% is not far behind Sydney’s 5.1% increase. The average home value at the combined five capital cities rose by just 0.1% over the week.
And finally, the median price of houses sold in Sydney through private treaty was up slightly over the week – from $730,000 to $740,000 as the combined capitals average rose from $564,506 to $568,501. The median value of units at the combined capital cities sold at private treaty actually fell over the week, from $490,831 to $488,710.
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Also in the Switzer Super Report:
- Peter Switzer – DRPs – Great or crap?
- Paul Rickard – SSR portfolio review for March
- James Dunn – The next carsales.com, REA Group or Seek
- Tony Featherstone – Austbrokers best long-term bet in changing insurance space
- Penny Pryor – ShortlistedÂ
- Rudi Filapek-Vandyk – Buy, Sell, Hold – what the brokers sayÂ
