Auction Rates Rise but Activity Remains Below Average
This week, 400 capital city homes were scheduled for auction, with preliminary results returning a 64% clearance rate. The previous week saw 480 homes scheduled for auction and a final clearance rate of 59.9%. One year ago, there were 930 homes taken to auction and a 55.2% clearance rate.
It’s important to interpret clearance rates with caution given auction volumes remain substantially lower than usual. That said, unlike both Sydney and Melbourne, two of Australia’s largest auction markets, in Brisbane, figures are significantly lower, with 28 auctions taken to auction, with a clearance rate of only 25% (compared to last year’s 76 properties at a clearance of 40%). On the Gold Coast, weekend auctions tallied 17 with a clearance rate of 40%.
Brisbane’s ‘Capital City Home Value’ change sees another mild bump of 0.1%, bring year to date total growth at 4.2%. Across Greater Brisbane, there are a total of 2,585 new listings (a decrease of -31.4%) across a total of 16,696 listings (26% lower than this time last year). Further, the median sale price across 432 homes for Brisbane is $495,000 while for units, the median is $415,000 (106 unit sales). Time on market has also slipped by 3%, with an increase to 57 days on market (second last with Darwin when measured against all other capitals – Perth being last at 65 days) with vendor discounting at around 3%. For units, total time on market is 65 days with median vendor discounting at 3.8%.
Graphs Courtesy of CoreLogic.