Money Auction clearance rates in Sydney and Melbourne are still looking soft

08:32  13 november  2017
08:32  13 november  2017 Source:   Business Insider Australia

Sydney house prices continued to fall in early November

  Sydney house prices continued to fall in early November Australian house price growth continues to stall, maintaining the trend seen in October. According to CoreLogic, house prices across Australia's five mainland state capitals were unchanged last week in average weighted terms, leaving the decline over the past four week's at 0.1%.© Provided by Business Insider Inc Despite a modest bounce in its preliminary clearance rate in early November, weakness in Sydney continued to drag down the national average with prices in Australia's largest and most expensive housing market falling 0.1% over the week.The soft result in Sydney offset a 0.

Auction clearance rates across Australia’s capital cities remain below the levels seen earlier this year, reflecting softer performances from Sydney and Melbourne , the nation’s largest housing markets.

Auction clearances rates are soft for a fourth week in a row. Sydney and Melbourne home prices just bounced back. Looking at the monthly data below, it’s mostly in the house market where the strength is returning. Units and apartments are still lagging, especially in Melbourne , where a supply

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Auction clearance rates across Australia's capital cities remain below the levels seen earlier this year, reflecting softer performances from Sydney and Melbourne, the nation's largest housing markets.

According to CoreLogic, a preliminary combined capital city clearance rate of 66.5% was reported last week, marginally below the 66.8% preliminary reading seen one week earlier.

The group received results from 2,220 of the 2,894 properties that went up for sale, or 76.7%.

Should the pattern of previous weeks be maintained, the final national clearance rate -- released by CoreLogic on Thursday -- will likely come in below the preliminary reading released over the weekend.

Auction clearance rates in Sydney and Melbourne are still looking soft

  Auction clearance rates in Sydney and Melbourne are still looking soft Auction clearance rates across Australia's capital cities remain below the levels seen earlier this year, reflecting softer performances from Sydney and Melbourne, the nation's largest housing markets.Auction clearance rates across Australia's capital cities remain below the levels seen earlier this year, reflecting softer performances from Sydney and Melbourne, the nation's largest housing markets.

Auction clearance rates in Sydney and Melbourne are 'falling away' in what experts said was more evidence that 'we've seen the top of the market'. "The lower economy is still suffering from the mining slowdown and places like Central Queensland is still dragging the chain."

Auction clearance rates in the big housing markets of Sydney and Melbourne ticked higher this week but some agents are expressing caution over the trajectory of the housing market. "Yesterday's results were a rebalancing but we still have to wait to see how May pans out," he said.

The final clearance rate for the first week in November came in at 61.5%, below the preliminary reading of 66.8%. The final reading was the lowest since early 2016.

By individual capital, preliminary clearance rates in Melbourne fell from 77.3% to 71.4%, corresponding with a sharp lift in the number of properties up for sale.

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Sydney has seen the lowest spring clearance rates in three years, and more agents are saying the peak of the property boom has probably passed. "We looked around Top Ryde and Strathfield and couldn't get that price for a two-bedder," Mr Tran said. Melbourne 's preliminary auction clearance

Auction clearances in Sydney eased back to 75.6 after several weekends of more than 80 per cent, and it was a "Most of the buyers were looking to pull the house down and rebuild. In Melbourne , clearance rates were still comparatively strong with Domain recording 79.5 per cent, well up on the

1,299 properties in Melbourne went under the hammer, up from 318 in the previous week. The timing of the long weekend in Victoria to mark the start of the Melbourne Cup horse racing carnival explains the sharp increase in volumes week-on-week.

The low preliminary figure suggests that Melbourne's final clearance rate could fall below 70% when updated figures are released later this week.

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Continuing the pattern over the past month, Sydney clearance rates were also soft with a preliminary reading of 64.4% recorded, down from 67.4% in the first week of November.

1,089 properties went up for sale, down marginally from 1,232 in the previous week.

Sydney's final clearance rate has come in below 60% in the past two weeks, and it looks like that trend may continue given the soft preliminary figure released over the weekend.

Home auctions rise, but well down on 2016

  Home auctions rise, but well down on 2016 Auction volumes increased across Australia's combined capital cities over the past week, as did resulting home sales, but at a much softer rate than last year.Property data group Corelogic's weekly property survey shows that the national auction clearance rate rose to 66.5 per cent, up from the adjusted 61.5 per cent in the prior week when the final figure was the lowest since early 2016, but well below the same time last year.

While comparing auction volumes and clearance rates to a year ago is valuable, it is much more valuable to look at how these metrics compare across a number of years. There has been clear evidence over recent weeks that auction clearance rates have softened in Sydney and Melbourne .

"The lowest clearance rates were in south-west and western Sydney at around 50 per cent, and those areas have been traditionally sustained by investors. In Melbourne , the weekend auction clearance rate was down to 76.3 per cent from 78.4 per cent last week, but buyer's agents said there were still

Both Melbourne and Sydney's clearance rates remain well below the 76.8% and 81.4% levels reported in the same corresponding week in 2016.

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"Clearance rates have continued to track below 70% since June the year," CoreLogic says.

"This is a considerably softer trend than what was seen over the same period last year when clearance rates were tracking around the mid-70% range for most of the second half 2016."

Outside of Australia's largest capitals, preliminary clearance rates rose week-on-week in Canberra and Perth but fell in Brisbane, Adelaide and Hobart.

CoreLogic will release updated house price data for Australia's five mainland state capital cities later today.

Reflecting recent weakening in auction clearance rates, price growth in Melbourne has slowed sharply in recent months while prices in Sydney have gone backwards.

The stuttering performance from Australia's largest markets has also seen price growth across most other capitals either slow or stall over the same period.

Australian property prices have stalled as a wave of sellers hit the market .
Sydney property prices are down 0.5% over the past month, leading a continued cooling in Australian housing market. Data from CoreLogic showed price growth in Sydney was flat last week, which extended to markets nationally as average weekly growth across Australia's five biggest capital cities was unchanged. © Provided by Business Insider Inc Melbourne property prices edged higher after falling flat in the week prior, while gains in Adelaide and Perth markets offset the previous week's falls of 0.1% and 0.2% respectively.

Source: http://au.pressfrom.com/news/money/-46421-auction-clearance-rates-in-sydney-and-melbourne-are-still-looking-soft/

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