After hosting 1,917 auctions the week prior, wanted municipality vendition worriedness rose by scrutinizingly 13% this weekend , with 2,159 homes auctioned wideness the combined capitals.
The rise in vendition numbers was accompanied by a -3.6 percentage point ripen in Corelogic's preliminary clearance rate, with 60.1% of the 1,709 results placid so far returning a successful result.
Last week's preliminary clearance rate of 63.7% (revised to 59.0% at final figures) was the combined capital's highest preliminary clearance rate since late May (63.7%) when the mazuma rate was just 25 understructure points whilom the record low level of 10 understructure points.
When spring selling conditions were significantly stronger this time last year, 73.2% of the 3,539 auctions held wideness the combined capitals were successful.
In Sydney, 786 homes went under the hammer this week, making it Sydney's busiest vendition week since late September (807).
After recording Sydney's strongest preliminary clearance rate since mid-April, the week prior (69.7%), the preliminary clearance rate fell -8.8 percentage points this week to 60.9%.
The ripen in the clearance rate was partly owing to a higher portion of withdrawn auctions, with the withdrawal rate rising whilom 20% for the first time since late September (20.9%) to 24.4%.
Last week's preliminary clearance rate (69.7%) was revised to a final clearance rate of 63.7%, while this time last year, a final clearance rate of 71.5% was recorded.
Auction worriedness wideness Melbourne continued to trend upwards this week, with 920 homes taken to auction.
The previous week saw 797 homes go under the hammer, while this time last year vendition worriedness was significantly stronger ( 41.2% / 1,564 auctions), thanks to stronger market conditions and pent-up market demand owing to extended lockdowns.
With 787 results placid so far, Melbourne's preliminary clearance rate (60.1%) remained whilom 60% for the sixteenth subsequent week.
Last week, a preliminary clearance rate of 61.9% was recorded, later revised to 58.4% at final numbers, while 71.8% of auctions held this time last year were successful.
Across the smaller capitals, Brisbane hosted the busiest vendition market this week(up 31.5%).
This was followed by Adelaide (-5.1%), and Canberra which saw vendition numbers hold steady compared to last week.
Adelaide had the most successful week amongst the smaller capitals, with a preliminary clearance rate of 68.6%, up 2.3 percentage points compared to last week's preliminary rate.
There were 12 auctions held in Perth this week, and three in Tasmania.
- Sydney property prices dropped -0.2% over the last week, dropped -1.1% over the past 28 days and dropped -9.6% over the last 12 months
- Melbourne property prices dropped -0.1% over the last week, dropped -0.6% over the past 28 days and dropped -6.3% over the last 12 months
- Brisbane property prices dropped -0.5% from last week, dropped -1.7% over the past 28 days, but are up 6.4% over the last 12 months.
Overall Australian wanted dwelling prices decreased -0.9% over the past 28 days and are -4.3% lower over the last 12 months.
Of course, these are "overall" figures - there is not one Sydney or Melbourne or Brisbane property market.
And various segments of each market are performing differently.
To help alimony you up-to-date with all that's happening in property, here is my updated weekly wringer of data and charts as of 14th November 2022 provided by CoreLogic, and realestate.com.au.
The number of A-grade properties for sale in Australia is still in short supply
While there are increasingly properties on the market for sale, there is still a shortage of A-Grade properties and these are selling quickly.
Despite there stuff increasingly houses on the market for sale at present, remember that buyers are sellers and sellers are buyers so in most cases each time a property is sold flipside proprietrix is out in the market looking for a new home.
The table unelevated shows the tables are turning in favour of buyers with increasingly properties coming onto the market giving them increasingly choice, hence the lack of urgency.
Median property prices
READ MORE: The latest median property prices in Australia’s major cities
Vendor Metrics
At a national level, properties are taking slightly longer to sell than they were during the property tattoo of last year.
However we're still in a seller's market with the number of days to sell the property very low (a sign of the tight supply situation for good properties), and vendor discounting still at very low levels.
In general, houses are selling largest than apartments, but the shortage of good properties on the market is seeing A-grade properties selling quickly with minimal discounting.
Our Rental Markets
Our rental markets have been tightening remoter with vacancy rates for both houses and apartments extremely low wideness the country.
Weekend's vendition clearance rates
The wanted municipality weekend vendition markets unfurled to produce steady results despite a surge in listings this weekend, principally by the Melbourne market.
The Sydney market however tracked backwards without a recent series of rising weekend results.
National vendition numbers were significantly higher at the weekend with 1763 listings compared to last weekend’s 1596 – but still well unelevated the same weekend last year’s 2572 auctions
Dr. Andrew Wilson, Chief Economist of My Housing Market reported a national vendition clearance rate of 62.5% at the weekend which was slightly lower than the 63.3% reported the previous weekend but still well unelevated the 78.6% recorded over the same weekend last year.
Dr Andrew Wilson reported the pursuit vendition preliminary clearance rates for October 29th:
- Adelaide auction clearance rate - 81.2%
- Brisbane auction clearance rate - 39.4%
- Canberra auction clearance rate - 63.1%
- Melbourne auction clearance rate - 64.6%
- Sydney auction clearance rate- 64.3%
Source of graphs and data: Dr Andrew Wilson's My Housing market, CoreLogic, REA
READ MORE: This weekend’s vendition clearance results
