Australia’s auction market continued to hold steady, with the last weekend of June once again delivering solid results for most capital cities, according to last weekend’s auction results, but there was a marked reduction in the number of homes listed for auction last weekend.
However, with the recent sharp rise in interest rates and fragile seller confidence affecting the typically more muted winter property market, listings continued to weaken and could persist in the later period.
According to RBA, with inflation likely to hit 7 per cent by the end of the year, RBA has no choice but to keep raising interest rates to help drive down inflation prices in Australia. For the current market, the media has been flooded with negative information due to concerns about rising interest rates and the possibility of a recession, leading to a sharp drop in consumer sentiment.
Overall, buyers are more cautious given further increases in interest rates and potential price declines. Sellers are becoming more nervous, choosing to sell their properties before auction rather than testing the market at auction, while more sellers are choosing to stop selling their properties in the current market.
This Saturday, Sydney recorded a 55% clearance rate with 772 properties listed for auction. This is the last auction at the June market, the clearance gets raised but still much lower than the same week of last year.
Realestate.com.au reported that there were 1,228 private sales in New South Wales which is much lower than the 1,940 properties of the last week. But, of course, many off-market Sydney property sales would not have been reported.
The Canterbury Bankstown recorded the top Sydney regional clearance rate on Saturday with 73.2% by the South West 69.7% and Northern Beaches 66.4%.
The clearance rate for houses was 63.1%, with units higher this weekend at 61.0%.
Last Saturday Sydney Auction Top5 House
▼TOP 1. AUD$5,000,000
Address: 1 Prince Rd, Killara NSW 2071
Land Size: 1,212 sqm
Internal Area: 609 sqm
House | 6 Bedrooms | 6 Bathrooms | 4 Parking
▼TOP 2. AUD$5,000,000
Address: 285 Malabar Rd, Maroubra NSW 2035
Land Size: 350 sqm
Internal Area: 237 sqm
House | 4 Bedrooms | 3 Bathrooms | 3 Parking
▼TOP 3. AUD$4,720,000
Address: 12 Dorking Rd, Cabarita NSW 2137
Land Size: 399 sqm
House | 3 Bedrooms | 1 Bathrooms | 3 Parking
▼TOP 4. AUD$4,705,000
Address: 9 Glaisher Pde, Cronulla NSW 2230
Land Size: 714.5 sqm
Internal Area: 290 sqm
House | 4 Bedrooms | 3 Bathrooms | 2 Parking
▼TOP 5. AUD$4,540,000
Address: 3 Headland Rd, North Curl Curl NSW 2099
Land Size: 461 sqm
Internal Area: 314 sqm
House | 4 Bedrooms | 4 Bathrooms | 2 Parking
Last Saturday Sydney Auction Top5 Unit
▼TOP 1. AUD$2,250,000
Address: 13 Northwood Cl, Mona Vale NSW 2103
Townhouse | 3 Bedrooms | 2 Bathrooms | 3 Parking
▼TOP 2. AUD$2,115,000
Address: 324/3 The Promenade, Chiswick NSW 2046
Unit | 2 Bedrooms | 2 Bathrooms | 2 Parking
▼TOP 3. AUD$1,958,000
Address: 208A Burraneer Bay Rd, Caringbah South NSW 2229
Duplex | 3 Bedrooms | 3 Bathrooms | 2 Parking
▼TOP 4. AUD$1,955,000
Address: 3/36 Milner Cr, Wollstonecraft NSW 2065
Unit | 3 Bedrooms | 2 Bathrooms | 2 Parking
▼TOP 5. AUD$1,920,000
Address: G02/178-180 Marine Pde, Maroubra NSW 2035
Unit | 2 Bedrooms | 2 Bathrooms | 1 Parking
(Data from domain.com.au realestate.com.au corelogic.com.au & realtisan.com.au)