Successful auction rates in the Australian capital were below 70 percent as homeowners are rushing to list their assets to monetize in a fast-growing market.
According to CoreLogicThis week, 4,136 homes were auctioned, making it the second busiest auction week after the previous week with 4,251 auctions. In the same week last year, 2,085 auctions were held.
Preliminary auction results for 3402 auctions have reduced the preliminary clearance rate from 71.3% last week to 69.9%.
Melbourne is the city with the highest number of homes auctioned this week, with 69.4 percent of successful auctions.
Sydney is the second busiest capital city in the auction, 67.3% of which was successful. Sydney’s auction clearance rate has fallen below 70% for the first time since September 2020.
In addition, the final clearance rate numbers are usually lower than the provisional numbers. Previously, Sydney’s reserve clearance rate was 71.4%, but the final figure has been revised to 67.2%.
The final clearance rate can drop to the lowest rate Sydney has seen all year round.
Despite the declining clearance rate, CoreLogic Research Director Tim Lawless said more volumes could be seen next week.
“Obviously, demand isn’t keeping up with the number of auctions being held, which is one of the main reasons for the slightly lower clearance rates,” Lawless said. Said Australian person.
The domain also discovered that December 11th will host record numbers of auctions in Sydney and Canberra, which could be the second busiest Saturday in Melbourne and Adelaide.
This is in stark contrast to the first half of this year, when demand far outstripped supply and pushed prices up as one of the main drivers of the real estate boom.
Rich Harvey, founder of Sydney’s buyer advocacy agency Propertybuyer, previously told The Epoch Times that rising prices are a function of supply and demand.
“COVID-19 has accelerated demand for real estate and encouraged many to move forward with plans to buy a home,” Harvey said in April. “Low interest rates play a role, but what made people buy is government stimulus and household surplus savings.”
follow
Rebecca Zhu is an Australian reporter based in Sydney. She focuses on Australia’s economy, property and education. Contact her at [email protected].