Home auction market spring activity continues to build with most capitals recording strengthening conditions over October
Sydney, Melbourne, Adelaide and Canberra each recorded strong mid-spring clearance rates with most results up on the levels reported over the previous month. With the exception of Brisbane, results were also significantly higher than those reported over the same month last year.
Interest rate cuts this year have fuelled increased buyer activity with investors returning as a rising driver of most housing markets.
Although spring clearance rates continue to rise, auction numbers in Melbourne and Sydney are well below the levels recorded over the same period a year ago.
Strong buyer momentum and fewer property choices will continue to fuel heady auction market activity through the remainder of spring despite the Reserve Bank deciding to again leave interest rates on hold over November.
Sydney auction clearance rates again increased sharply over October rising to 77.4 percent compared to the 75.4 percent reported over the previous month. Rates remain well ahead of the results recorded over the same month last year
Listings however remain well below the levels recorded over the same period last year. October reported average weekend listings of 594 which although higher than Augusts’ 589 average was well below the 810 recorded over October last year.
Over the first ten months of this year, 8206 fewer auctions have been listed in Sydney – a fall of 25.8 percent compared to the same period last year.
Sydney’s median auction price eased from $1,280,000 over September to $1,260,000 over October and was significantly higher than the $1,155,000 reported over October last year.