The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
25 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
25 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
2
print
Print
ResidentialAna NarvaezMon 15 Jul 19

Sydney and Melbourne Auction Rates Signal Stabilising Market

4f7793a5-a230-48d3-823a-8a7881d627aa

The trend of strengthening auction results continued this week, but the real test will be in coming months as the results of credit loosening and tax and cash rate cuts are meted out.

Corelogic’s quarterly auction clearance rate figures showed auction results for the June quarter outperforming both the June 2018 quarter and the first quarter this year.

The trend toward higher clearance rates has been most pronounced in Sydney and Melbourne, at 77.2 per cent and 73.6 per cent respectively, compared to 46.9 per cent and 56.2 per cent a year earlier.

“The improved trend in auction market results provides further evidence that housing conditions are stabilising, especially in Sydney and Melbourne, where a trend towards higher clearance rates has been most pronounced,” Corelogic research analyst Cameron Kusher said.

Over the three months to June, combined capital city clearance rates held above 50 per cent for 11 of the 13 weeks and above 60 per cent for the past three weeks.

“It will be interesting to see if this continues,” Kusher said.

Related: Regulators Positive About Housing Market Recovery 


Strongest auction results: Suburbs, June quarter

CitySuburb Results % Scheduled AuctionsNumber sold
SydneyLane Cove91.7%3222
MelbourneArmadale85.7%3324
BrisbaneCamp Hill 48%2612

^ Clearance rates calculated where there has been at least 20 results reported over the period.

Low auction volumes remain cause for concern — with 18,104 auctions a significant 30 per cent lower than the same time last year. In comparison, the March quarter saw 14,647 auctions.

“Although the March quarter is traditionally quieter due to the seasonal slowdown in January, so lower volumes is not that surprising,” Kusher said.


Highest number of auctions: June quarter

CitySuburbAuction volumes
MelbourneReservoir132
SydneyMosman76
BrisbaneWynnum27
AdelaideProspect19
PerthDuncraig13

^Based on total auctions held across the suburb over the reporting period.

REA Group chief economist Nerida Conisbee said that while demand has started to increase, there has been no substantial uplift in the number of properties listed for sale.

A promising increase in residential indicators, such as a bump in realestate.com.au search activity and improving clearance rates may still be offset by global headwinds and rising unemployment.

“While many economic indicators have been poor for some time now, the bright spark has always been low unemployment,” Conisbee said.

“With this creeping up and the Reserve Bank pushing through two interest rate cuts very quickly, the positive effect of cheaper finance may not be enough to offset the fact that people are beginning to lose their jobs.”


▲Capital city key statistics. Source: Corelogic.

ResidentialAustraliaReal EstateSector
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
View All >
Bunnings Clyde North
Markets

Bunnings Sold On as Charter Hall Doubles Down on Retail

Leon Della Bosca
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
The construction site which will one day become Newcastle Tallest Tower by Urban Property Group
Residential

Urban Property Group Reveals Newcastle Tallest Tower Plan

Renee McKeown
The proposal that would best Thirdi’s Dairy Farmers north tower has moved ahead after being declared state significant …
LATEST
Bunnings Clyde North
Markets

Bunnings Sold On as Charter Hall Doubles Down on Retail

Leon Della Bosca
2 Min
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
2 Min
The construction site which will one day become Newcastle Tallest Tower by Urban Property Group
Residential

Urban Property Group Reveals Newcastle Tallest Tower Plan

Renee McKeown
3 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/suburbs-with-the-strongest-auction-results-for-the-quarter