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2016 September Housing market update

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It has been another strong week for auction activity, there were 2,445 auctions held across the combined capital cities with a preliminary auction clearance rate of 78.3 per cent this week. Last week, the final auction clearance rate was recorded at 76.2 per cent with 2,149 residential properties taken to auction.

At the same time last year, auction volumes were higher (2,835) with a clearance rate of 69.7 per cent. Over the first four weeks of spring, auction clearance rates have consistently been recorded at a higher rate than over the corresponding weeks last year, while auction volumes remain around 20 per cent lower.

In Melbourne, Australia’s largest auction market, 79.1 per cent of the 946 reported auctions sold this week.

There were 1,090 auctions held across the city this week, up from 965 last week when the final auction clearance rate was 77.8 per cent and lower than the 1,201 auctions held one year ago, which returned a lower clearance rate (72.7 per cent).

The Inner region of Melbourne had the highest number of auctions this week (224), with a preliminary clearance rate of 75.5 per cent. Meanwhile, the strongest clearance rate was 89.7 per cent recorded across the Mornington Peninsula region, followed by 83.5 per cent across the Inner South region.

Across Sydney, 930 homes were taken to auction this week with a preliminary clearance rate of 84.4 per cent across 770 reported results. Last week, the final clearance rate for the city was 81.6 per cent, across 815 auctions. One year ago, 1,200 Sydney homes were taken to auction and the clearance rate was 71.7 per cent. This week, the performance across Sydney’s individual sub regions was varied.

Across the Outer South West region, where 10 results have been reported so far, the preliminary clearance rate was 70.0 per cent, while the Central Coast had a 100 per cent success rate of the 14 reported auctions.

There were four sub-regions of Sydney where more than 100 auctions were held this week and of these, each recorded a clearance rate in excess of 70 per cent, with Eastern Suburbs (88.3 per cent) and North Sydney and Hornsby (88.2 per cent) the strongest performers.

If you need a home loan, contact Mel Finance Services today.

Lumbini Wekunagoda
I don't just write home loans. I educate my clients and empower them. I do this because I get enormous satisfaction helping people achieve their goals and educating them. Seeing a client in a better position after I have helped them gives me a huge buzz.

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