Auctions Results Flaccid Once Again

Domain has released their preliminary results for today.

Lower volumes and clearances compared with last year at this time. The preliminary results will drift lower as the full results come in. Last week was further down thanks to the long weekend in some states.

Brisbane cleared 56% of 93 scheduled, Adelaide cleared 71% of 50 scheduled and Canberra 57% of 81 scheduled.

Auction Results 10 Mar 18 – Going Down!

Domain published their preliminary results for today, and both volumes and clearance rates are down – partly thanks to the long week end in some states. But even allowing for this, the rates are lower than this time last year. The final results will of course settle lower as normal.

Brisbane cleared 57% of 91 listed, Adelaide 73% of 58 and Canberra 76% of 35 listed.

Preliminary Auction Results For Today

Domain has released its preliminary results for today.

Overall volumes and clearance rates remain below those from a year ago. Volume remains higher in Melbourne. The final results will settle lower as normal.

Brisbane cleared 56% of 107 scheduled auctions, Adelaide, 63% of 84 scheduled and Canberra 66% of 77 scheduled auctions.

Auction Results 24 Feb 2017

The latest preliminary results are out from Domain. Nationally, so far from the 2,627 properties listed for auction, only 1,794 actually went for sale, and 1,325 properties sold.

So the real clearance rate against those listed is 50.4%. Domain though calculates the clearance rate on those going to auction, less withdrawn sales over those sold. This give a higher measure of 68.8% nationally, which is lower than a year ago. Across the country the median price was $871,800.

Here are the results by main locations, including our calculation of the true clearance rate. More were withdrawn in Sydney than the other states.


Auction Results Continue To Track Lower

Domain released their preliminary clearance results for today.   All centres are tracking below this time last year, and of course the preliminary results will settle lower in a few days.  But the striking observation is the lower volumes, 1,294 a year ago, compared with 727 sold this week. Anyone want to argue against the view the market is softening? Our surveys suggest we will see more of this ahead, as property investors stand on the sidelines, and the backlog of first time buyers is soaked up. Also vendors are having to accept lower bids to close a deal, which will put further downward pressure on prices.

Brisbane cleared 42% of 92 scheduled auctions, Adelaide 69% of 50 auctions and Canberra 57% of 59 scheduled auctions.

Auction Results 10 Feb 2018

Domain has released the preliminary auction results for today. Volumes are up this week, but still well below this time last year. Sydney lags Melbourne in terms of clearance rate, the opposite to a year ago. Nationally 69.6% cleared against 74.9% last year. This is preliminary and the final results will likely settle lower.

Brisbane cleared 60% of 93 scheduled auctions, Adelaide 67% of 49 auctions and Canberra 65% of 60 listed.

Auction Results 03 Feb 2018

Domain have released their preliminary auction clearance results for today. Further evidence of a slowing market, especially in Sydney.  More were withdrawn.

Brisbane cleared 57% of 71 scheduled auctions, Adelaide cleared 78% of 68 scheduled auctions, and Canberra 65% of 44 scheduled auctions.

Whats In A Home Price Number?

So, we have new data from both CoreLogic and Domain on home price growth.  The problem is we are getting somewhat different results, driven presumably by their different methodologies. But is does make it hard to decode the true story in some locations.  Trends are still pointing down though.

Here is a plot of changes in values over the past year, based on CoreLogic’s December 2017 and January 2018 data, and the December 2017 data from Domain.

Domain looks more bullish in the eastern states, Brisbane apart. Corelogic is showing a fall between December and January in most east coast states.

Hobart is the winner, but is it 17% or 12%, a large variation.  And is Canberra 8% or 4%?

Perth and Darwin and stuck in negative territory.

My take out is that these numbers are dynamic, and should not be taken too seriously, though the trend is probably the best indicator.

Perhaps their respective analysts can explain the variations. I for one would love to understand the differences.

Its a pity we have to wait so long for the ABS price data.  But then again, that just adds another data point, which does not directly match.

Another case of being careful with the data!

The Sydney Melbourne Home Price Divide

The latest data from Domain highlights the difference between the Sydney and Melbourne home prices movements.   The question is, will Melbourne follow Sydney’s lead, and slow in the months ahead, or chart a different path?

Sydney’s median house price, $1,179,519, increased by 0.5 per cent over the quarter and 4 per cent over the year.

HSBC chief economist Paul Bloxham said Sydney was getting less support from international and domestic migration compared with Melbourne. “A cooling in investor interest has also been more apparent in the Sydney market.”

The gap between house prices in Melbourne and the harbour city continues to narrow. Over the latest quarter the difference was reduced to $276,000, the lowest in three years.

Melbourne’s median shot up 3.2 per cent to $903,859 in the December quarter, according to the Domain Group’s latest State of the Market report. Prices have risen every quarter for nearly five and a half years.

Market Economics managing director Stephen Koukoulas said “even though there has been a bit of a tightening in credit for investors, in terms of the amount that is lent and interest-only loans, it doesn’t appear to have had a significant impact in Melbourne”.

Melbourne was again a strong performer compared to most other capital cities, with only Hobart and Canberra posting higher growth.

Domain Group data scientist Nicola Powell said Melbourne’s most affordable regions — the west, north west and south east — had recorded the strongest price growth off the back of heightened first-home buyer activity.

Worth also noting that the strongest growth areas are also the highest in terms of mortgage stress, according to our analysis. So household debt remains extended, and the risks are rising.

Even in the CBD, a market many consider to be overheated, prices for apartments climbed 1.9 per cent over the December quarter,. But compare this to a significant fall in Brisbane apartments, so it is important to get granular when examining the data.

Brisbane unit prices have continued their downward slide, down to $385,955; a fall of 2.2 per cent for the quarter and 4.4 per cent for the year. Here units are actually at a four-year low, it’s the steepest yearly fall since June 2001. Domain says “we’re starting to see developers start to respond to the oversupply, they’re delaying some projects and not starting some either”. Greater Brisbane’s lacklustre performance, as revealed in the latest Domain Group State of the Market Report, shows median house prices have fallen by 0.6 per cent across the five LGAs, which include Brisbane, Ipswich, Redland, Moreton Bay and Logan, to $548,918.

Hobart has been declared the unlikely star of Australia’s 2017 property market, charting a stellar 17.3 per cent growth rate in house prices, putting the usual mainland glitterati into the shade. Domain Group data scientist Dr Nicola Powell agrees. The strong inter-state migration to Hobart for both lifestyle reasons and the affordability of homes is driving up prices steadily to today’s record Hobart median house price of $443,521, she believes. And with the latest December 2017 quarter alone showing a price surge of 10 per cent, there’s no relief in sight.

Domain reports Canberra’s median house price surged by 5 per cent over the December quarter to a new record high of $753,516. The Canberra growth rate was the highest recorded of all the capitals with the exception of Hobart where the median increased by 10 per cent over the quarter.

But the resources slump turned Darwin into the country’s worst performer with a 7.4 per cent drop in its median house price to $565,696 and a 14 per cent plunge in its unit price to $395,279. It also hit Perth, with a house median fall of 2.5 per cent to $557,567, and its units 1.7 per cent to $369,402.

Perth’s median house price grew 0.5 per cent to $557,567 during the December quarter. However, prices fell 2.5 cent compared with the previous year. In the unit market, median prices grew one per cent to $369,402 – a 1.7 per cent decline year-on-year.


Slowing Momentum – Auction Results 16 Dec 2017

The preliminary auction clearance results are in from Domain. Once again further confirmation of slowing momentum, though possibly distorted by the impending holidays. Sydney’s results last week settled at 48.6%, well below the national average, and the count is lower this week.

Brisbane cleared 55% of 129 scheduled, Adelaide 0% of 96 scheduled, and Canberra 72% of 63 scheduled.