Residential sales activity might be cooling off in other states but not Sydney, after it also enjoyed an unseasonably warm Saturday, which may have prompted another auction clearance rate of over 80%.
The auction clearance rate in Sydney was 80.6% according to RP Data and 80.8% according to APM’s statistics (see table 1 below). The weather reached a balmy 18.7 degrees.
The combined capital city auction clearance rate was down slightly to 64% over the week from 65.4% the previous week (see graph 1 below), but the trend is still moving in an upward direction.
Melbourne might not look so crash hot next to Sydney, but an auction clearance rate of 70.2% is not bad. The updated data for the previous week had Sydney’s clearance rate slip back to 78.5% and Melbourne come in at 68% (see table 2 below).
But both results are not too bad given that this time last year both cities had auction clearance rates of under 60% (see table 3 below).
The most expensive property sold at auction over the weekend was not in Sydney but Melbourne, where a four-bedroom house in Middle Park (about 6km south of the CBD) was auctioned for just over $3 million. The most expensive property auctioned in Sydney was a four-bedroom house in Manly (on the Northern beaches), which went for $2.1 million.
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.
Also in the Switzer Super Report:
- Peter Switzer:Â To fix or not to fix?
- James Dunn:Â Seven sizzling stocks under 70 cents
- Paul Rickard:Â How well has your SMSF done?
- Penny Pryor: LRBAs – what the banks really think
- Rudi Filapek-Vandyck: Buy, Sell, Hold – what the brokers say
