APM – Digital Finance Analytics (DFA) Blog

Auction Clearances Sky Rocket Today

The preliminary auction results for today from Domain, show an astonishingly high clearance rate, nationally achieving 82.5%, compared with 74.1% last week. The data comes from APM. Continuing evidence that the market is still buoyant.

Sydney had the highest clearance rate at 84.4% on 628 listings, compared with 77.4% of 580 last week. Melbourne have the highest volume at 83.7% of 1,201 listed, compared with 74.9% of 993 last week. Both clearance rates are higher then this time last year, though on lower volumes. Brisbane cleared 49%, Adelaide 81% and Canberra 79%

Auctions Continue Their Winning Ways

The latest provisional results from APM PriceFinder shows that clearance rates across the country were strong today. Nationally, there were 1,858 listed, and 78.6% cleared. The number was down a little from last week, but achieved a higher rate of sale. Further evidence of strong interest in property.

Sydney cleared 80% of the 673 listed, whilst Melbourne listed 989 and cleared 78%. Canberra cleared 74% of the 48 listed and Adelaide 70% of the 50 listed. Brisbane results are yet to be posted.

Whilst overall volumes are down a little on this time last year, we do not see much sign of people walking away from the property market. This is another reason why we believe home prices will continue to strengthen as we move towards the summer.

Latest Auction Results

The preliminary results for today are in from APM PriceFinder. After the drop in volume last week, thanks to the long weekend and storms, the national clearance rate was 78.5% from 1,855 listings. Melbourne beat Sydney at 79.8% versus 78.8% and on 966 listed compared with 651.

Volumes are still lower than this time last year, but demand remains strong. Adelaide listed 74 and cleared 75%, Brisbane cleared 57% of the 120 listed whilst Canberra listed 44 and cleared 87%.

Auction Results Hit By Long Weekend

The latest preliminary results from APM Pricefinder show that there was a high auction clearance rate, though slightly lower than the extraordinary results from last week, but on much lower volumes thanks to the long weekend. Sydney achieved 76.6% on just 263 listings, Melbourne 76.8% on 52 listings, and Nationally, 75% on 399 listings, compared with 1,916 last weekend. Canberra achieved 58% on 16 listings, Brisbane 56% on 57, and Adelaide did not sell any of the 11 listed (the bad weather may have something to do with this?)

So, we really cannot drawn many conclusions from this set of results.

Auction Clearances Continue To Motor

Latest preliminary data from APM Pricefinder shows continued momentum in auction sales today. Nationally, 1,912 were listed and 78.9% cleared, compared with 75.8% of 1,599 listed last week, and 68.4% on a slightly higher listing last year. Sydney led the way at 81.6%, compared with 79.6% last week on higher volumes.

Melbourne was also higher at 79.6% on 950 listing, compared with 78% on 793 properties last week. Adelaide 77% of the 86 listed, and Brisbane cleared 53% of the 103 listed. Canberra hit 66% of the 56 properties listed.

So once again, the main action was in Sydney and Melbourne, with clearance rates at extreme levels – who says the market is tanking?

Today’s Auction Results ….

APM Pricefinder preliminary auction clearance results once again confirms the appetite for property, especially in Sydney. Nationally the clearance rate was 79% on 1,595 listings, compared with 74.5% on 1,610 last week. A year ago it was 68.9% on 2,089. Again we see higher clearances on lower volumes, but sales are being closed.

Sydney hit 85.1%, the highest across the country on 567 listings, whilst Melbourne continues to have more property listed but a lower clearance rate. Adelaide cleared 78% of 62 listed and Brisbane cleared 49% of 107 listed. Canberra results are still to come in.

Strong Auction Clearance Results Again Today

The preliminary data from APM PriceFinder suggests another strong set of results, with strong clearance rates, on higher listings (though volume was down compared with this time last year). Melbourne cleared 78.4% compared with 77% last week, and 73.2% last year. Nationally, the clearance rate was 76.8% compared with 74.9% last week, on 1,613 listings compared with 1,448 last week. The same week last year cleared 70% from 2,129 properties.

In Brisbane, 54% of the 110 listings sold, whilst in Adelaide, 77% of the 46 listings cleared and in Canberra, 78% of the 44 listings sold. Sydney cleared 77.1% of 567 properties, compared with 77% of 537 last week and 69.3% of 847 properties a year ago. Further confirmation there is still momentum in the market.

So Just How Much Are Home Prices Rising?

The statistical “fog of war” appears to have descended on Australian home prices, partly fueled by the RBA’s recent statements, and the latest chart pack data. Because of perceived issues with the CoreLogic data series, we see plots from a number of data providers, including the ABS (whose June 2016 data should be out later on – they are disgracefully slow on releasing their quarterly price data).

Now, we see there are some significant variations between the series, and of course in turn mask the significant differences between locations. CoreLogic has been tweaking their series, and the RBA specifically mentioned this in their recent report. These differences are driven by different methodologies, as well as some series breaks.

So, what is the truth about home price momentum? Of course the RBA wants to show prices growing more slowly despite the cut in the cash rate, thanks to their careful management; whilst others want to talk up the positive movements, to encourage more transactions. Our surveys suggest demand is still quite strong.

As best we can tell, price momentum did moderate in recent months, but now is on the rise again, thanks to low rates, and ongoing interest from investors. Somewhere between 2.5% and 7.5%! The high auction clearance rates appear to confirm this.

But, the real amount of the movement is uncertain. Yet another example of the problems we have getting meaningful, prompt and reliable statistics in Australia.

Yet Another Set of Hot Auction Results

The provisional data from APM PriceFinder for today’s auction clearances shows that once again there is a high sale rate, though on lower listing volumes than this time last year. There is life in the property market still!

In Sydney, 80% of the 537 listings cleared, up from 75.6% last week, and 72.6% last year – though there were 822 on the market then. In Melbourne, 77.5% of the 718 properties sold, compared with 76% last week, and 73.3% last year. Brisbane cleared 55% of the 83 properties listed, Adelaide 74% of 59 properties and 82% of the 52 properties listed in Canberra.

Nationally, the result translates to 77.8% of 1,449 listings, compared with 74.2% of 1,646 last week and 71.2% of 1,888 last year.

More Strong Auction Results Today

According to the latest APM PriceFinder provisional auction results, there was another strong result today. This confirms the strong demand for property, especially in the south-eastern states and points to continued momentum into the spring.

Nationally, there were 1,646 properties listed, with 77.5% clearance, compared with 73.1% last week, and 73.3% this time last year, albeit off a higher number of listings.

In Sydney, 80.7% were cleared from the 574 listings, compared with 78% last week and 72.5% last year. Melbourne achieved 77.9% clearance from the 877 listings, compared with 73.2% last week and 76.9% last year, again from a higher number of listings. Of the 53 listings in Canberra, 79% cleared; of the 86 in Brisbane 49% cleared; and in Adelaide of the 56 listed, 61% cleared.