Australian Real Estate Blog
From the category archives:
Saturday 25 October 2008
Faced with the most difficult external economic climate we have witnessed for many years and a large increase in stock, demand at auctions today dropped resulting in a clearnce rate of 53 per cent.
There were 843 auctions held today with 449 being sold and 394 passed in, 289 of which were passed in on a vendors bid.
Next weekend there are only 151 auctions due to the racing.
Week ending: Saturday, 25 October 2008
Total auctions : 528
Sold : 256
Withdrawn : 26
Clearance rate* : 46%
Total Sales : $ 122,435,350
Median : $ 537,250
*Adjusted clearance rates includes properties withdrawn prior to auction.
“Despite the reductions in interest rates uncertainty created by the events in the world financial markets over the last month has resulted in a drop in confidence in the local property market with the clearance rate at today’s auctions falling to 57per cent from 63 per cent last weekend.
There were 550 auctions today with 312 selling and 238 being passed in, 176 passed in on vendors bid.
The REIV expects to see around 1050 auctions next weekend.
| Total auctions | : 473 |
| Sold | : 283 |
| Withdrawn | : 30 |
| Clearance rate* | : 56% |
| Total Sales | : $ 146,877,280 |
| Median | : $ 505,994 |
*Adjusted clearance rates includes properties withdrawn prior to auction.
“The Reserve Bank’s recent moves in decreasing interest rates had an immediate impact and our property markets over the last three months have been correcting more slowly,” the report said, noting the low point for the Australian market came in May and June. www.theage.com.au
“There were 549 auctions held, 344 of which sold and 205 were passed in. Whilst the interest rate cut has bolstered confidence, there is a significant amount of concern about the state of the nation’s economy, resulting in a clearance rate in line with this year’s average. The true impact of the stock market troubles will not be clear for a few weeks.
Next week we expect 625 auctions, followed by over 1000 auctions the weekend after.”
| Total auctions | : 548 |
| Sold | : 296 |
| Withdrawn | : 30 |
| Clearance rate* | : 51% |
| Total Sales | : $ 154,470,260 |
| Median | : $ 512,500 |
www.homepriceguide.com.au
*Adjusted clearance rates includes properties withdrawn prior to auction.
For a suburb by suburb breakdown of the latest weekend auction results
“The Melbourne auction market has not missed a beat after the Grand Final, with the clearence rate reaching 68 per cent this weekend. Concern over international financial markets does not appear to have impacted on auctions at this point. There were 485 auctions this weekend, with 332 selling and 153 being passed in, 93 of which were passed in on a vendor bid.”
| Total auctions | : 351 |
| Sold | : 203 |
| Withdrawn | : 10 |
| Clearance rate* | : 56% |
| Total Sales | : $ 99,594,448 |
| Median *Adjusted clearance rates includes properties withdrawn prior to auction |
: $ 468,100
|
National Market Snapshot
Week ending: Saturday, 27 September 2008
| Total auctions | : 334 |
| Sold | : 206 |
| Withdrawn | : 33 |
| Clearance rate* | : 56% |
| Total Sales | : $ 138,608,000 |
| Median | : $ 672,500 |
*Adjusted clearance rates includes properties withdrawn prior to auction.
