Have the Sydney and Melbourne property markets run out of stream?
According to recent auction results, auction clearance rates are significantly lower compared to same time last year, however auctions reported are much higher. This indicates that more people are listing properties (in the interests of getting a high sale price), but not actually getting the high prices they were hoping for.
See below auction results from the most recent Saturday (9 April 2022):
* Sydney - 64% clearance rate (954 auctions reported)
* Melbourne - 66% clearance rate (1153 auctions reported)
* Brisbane - 80% clearance rate (72 auctions reported)
* Adelaide - 81% clearance rate (108 auctions reported)
* Canberra - 72% clearance rate (89 auctions reported)
Lets compare these figures with auction results time last year, on Saturday 10 April 2021:
* Sydney - 83% clearance rate (726 auctions reported)
* Melbourne - 74% clearance rate (765 auctions reported)
* Brisbane - 88% clearance rate (55 auctions reported)
* Adelaide - 83% clearance rate (57 auctions reported)
* Canberra - 92% clearance rate (61 auctions reported)
Brisbane, Adelaide, and Canberra are not cities that traditionally run a large number of auctions, however as can be seen above, the number of auctions have increased compared to same time last year while still maintaining good auction clearance rates, particularly in Brisbane and Adelaide.
How do you see the market going over the next few months?
