Auction Wrap Up – 14 May 2016

National

The 2nd Saturday of the month saw listings numbers soften slightly to 1,480, falling below the corresponding weekend in 2015 but remaining above the 2014 results.
The weekend clearance rate jumped by more than four percentage points compared to last week, following a strong lead from Sydney. Saturday’s 74.6 per cent is likely to hold above 70 per cent upon revision, testing the seventy per cent resistance level in place since August 2015.
The coming Saturday shows little change, with 1,418 listings expected across the major auction markets.

Listing numbers are likely to stay unchanged on the coming Saturday and increase to 1,000 on the last weekend of the month.

Sydney

Sydney recorded a remarkable 80.3 per cent clearance rate on the weekend. The result, the highest since the start of the year, has not been seen since August 2015. Tight supply of properties and strong demand from owner occupiers are the likely reasons behind the result, while changes to negative gearing rules may have influenced investors at the lower end of the market.
Saturday recorded the lowest auction activity since the start of May, with 506 properties listed, approximately 100 listings below the 12-month average. Almost one-third of properties advertised were sold prior, reflecting buyers’ eagerness to avoid the public bidding process.
The next two weekends show a slight improvement with over 550 listings each.

 

Melbourne

Melbourne activity eased in line with the rest of the market, with 759 listings on the weekend, compared to 909 in the previous week and 835 for the same weekend in 2015.
The revised clearance rate continued to hover in the low 70s, with a preliminary clearance rate of 73.6 per cent.
Listing numbers are likely to stay unchanged on the coming Saturday and increase to 1,000 on the last weekend of the month.

 

Other indicators – Median rents

House

Sydney’s median weekly asking rent increased by up to five per cent in the year to April 2016. For houses, the City and East region recorded the highest growth, while the Upper North Shore (3.9 per cent) and South (3.3 per cent) were also notable. The City and East also reported the highest median rent of $1,050 per week, followed by the Lower North Shore’s $1,025 per week. The most affordable rent was $430 per week in the Blue Mountains, where rents have increased by 2.3 per cent in the past year.

Unit

The highest median rent price for a unit was $625 in the City and East, followed by $600 per week in the Northern Beaches. Sydney’s South recorded the highest annual growth of 2.13 per cent, followed by the Inner West at 1.89 per cent. A significant increase in the supply of stock over the past 12 months, along with record-low interest rates provided ample choice for renters, reducing the trade-off between renting and buying.

Regional NSW

Outside the metropolitan area, the Southern Highlands and Shoalhaven region reported the highest growth in unit rents at 4.46 per cent, while house rents in the Richmond-Tweed region rose by 4.9 per cent to $430 per week.
Next week – Melbourne rent prices by region

* Saturday’s auction clearance rates are preliminary.

 

Buy Auction Data Series
63%

Brisbane

Based on 54 reported auction results out of 111 listed auctions.

80%

Sydney

Based on 363 reported auction results out of 506 listed auctions.

74%

Melbourne

Based on 608 reported auction results out of 759 listed auctions.

65%

Adelaide

Based on 30 reported auction results out of 62 listed auctions.

Auction Activity

Week ending 14th May 2016

111

Brisbane

There were 111 Auctions in Brisbane this weekend.

506

Sydney

There were 506 Auctions in Sydney this weekend.

759

Melbourne

There were 759 Auctions in Melbourne this weekend.

62

Adelaide

There were 62 Auctions in Adelaide this weekend.

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