Auction Wrap Up – 4 July 2016
“A quiet weekend with similar clearance rates for Melbourne and Sydney.”
The nation recorded a 69.9 per cent clearance on the weekend with 495 properties listed to go under the hammer. Last weekend is likely to be the July’s slowest, with listing numbers expected to recover over the next two Saturdays. The month’s listing numbers, however, are currently 31 per cent below July 2015, even with a fifth Saturday against last year’s four.
The weekend election shrunk the Melbourne auction scene, with only 206 properties listed for auction. The city’s clearance rate closed at 73.5 per cent which, even after revision, is likely to settle higher than the past ten weekends.
Listing numbers are set to exceed 500 next weekend in what is expected to be July’s busiest weekend. This figure, however, looks less impressive compared to 2015, as this year’s busiest July weekend has the same number of listings as last year’s slowest.
Sydney had 200 listed auctions on the weekend, compared to 633 on the previous weekend. The low supply helped buoy clearance rates, closing at 73.5 per cent. Both the clearance rate and listing numbers fell sharply from June 2015 when the city cleared 81.5 per cent of 557 listed properties.
July looks to be slower than the previous two years, but busier than 2012 and 2013. House and unit prices, however, have so far held firm. It remains to be confirmed whether a slowing auction market will signal softer property prices.
Auction Clearance Rates
Week ending 2nd July 2016