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

08:32  13 november  2017
08:32  13 november  2017 Source:   businessinsider.com.au

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.

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. “ Clearance rates have continued to track below 70% since June the year,” CoreLogic says. “This is a considerably softer trend than what was seen

Preliminary data from CoreLogic shows the Sydney auction clearance rate at 62.4% (down from 66.2%) and Melbourne at 66.0% (down from 69.0%). Across the notable moves in other capitals, clearance rates in Brisbane continue to show more volatility, falling back to 44.9% (down from 57.6

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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.

“Despite the continued slowing in the market, clearance rates are still tracking higher each week relative to the same period in 2012, during the last Looking to the weekend ahead, CoreLogic expects total volumes across Australia’s combined capitals to remain steady at around 1,320 auctions .

Sydney auction clearance rates have tumbled below 50%, pointing to the likelihood of further, and potentially accelerated, price declines ahead. Melbourne ’s clearance rate also held below 60%. Auction clearance rates have historically lead annual price movements in house prices.

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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It looks like the weakening of the Sydney and Melbourne property markets may be gathering pace. Preliminary data from CoreLogic shows the Sydney One of the biggest contributors to the softer auction market conditions is Sydney , where the final clearance rate has remained below 60 per cent

By type of dwelling, CoreLogic said preliminary clearance rates for units continued to outperform those for houses, standing at 69.1% and 62.4% respectively for the week. Helping to explain the decline in the headline rate , CoreLogic said preliminary clearance rates in Melbourne and Sydney both softened

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.

Auction clearance rates across the capital cities are anchored below 60%, driven by continued weakness in the two largest markets, Sydney and Melbourne . According to preliminary figures from CoreLogic, just 56.9% of properties sold before, at, or after auction last week, up marginally from the

Auction clearance rates fell to fresh five-year lows last week. Less than 60% of properties cleared in Sydney and Melbourne . As seen in the table below from CoreLogic, clearance rates in both Sydney and Melbourne remained anchored below 60% last week.

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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Australian auction clearance rates continue to fall, pointing to the likelihood that prices will continue to weaken in the months ahead. Property listings have risen in Sydney and Melbourne over the past year, contributing to the recent price divergence seen across the country.

Both cities recorded clearance rates in the mid-70's -- hardly the levels one would normally associate with falling prices. "The weak preliminary result is largely influenced by a month-on-month fall in Sydney and Melbourne dwelling values." Lawless said that when seasonal factors are taken into

"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.

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