Digital Finance Analytics (DFA) Blog
"Intelligent Insight"
The preliminary data from Domain shows that nationally auction clearances were 79.3% with 1,812 listed. Sydney cleared at 83.1% on 675 listed whilst Melbourne cleared 79% on 719 listed. All higher than last week and total volumes higher than a year ago – so no signs of slowing momentum so far.
Brisbane cleared 52% on 94 listed, Adelaide 71% on 70 listed and Canberra 79% on 65 listed.
Today was a record heat-wave day down the east coast, and also a massive weekend for auction clearances according to the preliminary data from Domain.
Sydney achieved 84.2%, compared with 71.4% last week, and Melbourne hit 78.7% compared with 75.3% last week. Nationally, the clearance was 80.4%, compared with 68% last week, higher than a year ago also and a larger volume to boot!
Brisbane achieved 63% on 105 scheduled auctions, 79% in Adelaide on 73 listings, and Canberra reached 79% on 69 scheduled auctions.
After the summer holidays, auctions are getting back into gear. The preliminary Domain results from today show that clearance rates remain elevated, though volumes are down on the weeks before Christmas.
Sydney achieved 78.8% and Melbourne 78.5%, both higher than last week, and higher than the same week last year. The national clearance rate was 72.6%.
Brisbane achieved 55% on 77 listings, Adelaide 58% on 91 auctions and Canberra 67% on 49 auctions.
The signs are that the property market momentum is being maintained.
The preliminary auction results are in from Domain for the last weekend before the Christmas break. Compared with last year, momentum is still strong, especially in Sydney and Melbourne.
Sydney cleared 71.4%, Melbourne 77.3% and Nationally 73.2%. Elsewhere Brisbane cleared 42% of 142 listings, Adelaide 75% of 75 listed and Canberra 70% of 62 listed.
The preliminary auction clearance results from Domain continues the strong trends seen in recent weeks. Nationally, the clearance rate was 76.6% on 2,620 listed, with Melbourne achieving 80.7% on 1,372 and Sydney 76.2% on 908. All higher than last week, and higher than those listed a year ago, when 2,462 were scheduled and 58.9% cleared nationally.
Brisbane listed 139 and achieved 47%, Adelaide scheduled 109 and achieved 61% and Canberra listed 92 and achieved 61%. So clearly the momentum is strongest in the major markets of Sydney and Melbourne.
The preliminary auction results for today are out from Domain. Another strong set of results, with clearance rates at 76.1%, though on 2,382 listings compared with 2,640 last week.
Melbourne listed 1,173 and cleared 79.9% compared with 76.2% last week. Sydney listed 874 and cleared 75.8%, compared with 74.5% last week. Brisbane listed 148 and cleared 47%, Adelaide listed 106 and cleared 62% whilst Canberra scheduled 81 auctions and cleared 61%.
We expect momentum to sag as we approach the summer break, and with mortgage interest rates on the rise.
The latest provisional auction results from Domain for today show property is still being purchased at an amazing rate. Nationally, 76.4% cleared on a listing of 2,637, compared with 73.2% last week on 2,152, and 58.3% on 3,016 a year ago. At these rates, home prices will continue to climb.
Much of the action was in Sydney, with 78.8% of 961 cleared, and Melbourne where 77.5% of 1,366 cleared. Both higher than last week.
Brisbane had 119 listed and 56% cleared, Adelaide had 104 listed and 58% cleared, whilst Canberra has 87 listed and 68% cleared.
The latest results from Domain shows that provisional auction clearance rates remain strong. Sydney achieved 79.5%, Melbourne 78.7% and Nationally 76.8%. These are stronger than last week, though volumes are down a bit. This time last year, clearances nationally were 58.6%
Brisbane achieved 46% clearance on 152 listed, Adelaide 69% on 83 listed and Canberra 75% on 74 listed.
Apartment owners may soon find themselves able to insert extra units into their blocks, create car parking below and add penthouses on top to bring in extra revenue and dramatically increase the value of their homes.
As a result of a little known “renewal” clause in imminent strata law changes coming into effect on November 30, it will be much easier for them to organise to redevelop their buildings themselves, in partnership with a developer, or to allow a developer to completely upgrade their blocks.
“This opens up so many possibilities for apartment owners,” says Sydney apartment owner and businesswoman Catherine Lezer, who is also a director of the independent not-for-profit Strata Community Australia.
“It’s about proactively managing the value of your apartment asset. Before, it was difficult to organise and to finance. Now both are possible.”
The new legislation includes a clause that allows just 75 per cent of owners in a building – in place of the current 100 per cent – to vote to make sweeping changes. Since it’s rare that every owner will ever agree to anything, this amendment is seen as potentially revolutionising the apartment world.
Already, there’s been a number of inquiries from buildings to financiers Lannock Strata Finance about taking out loans to pay for ambitious, and possibly hugely profitable, redevelopment plans, particularly for older crumbling small buildings in the eastern suburbs, inner west and lower north shore.
More relaxed height restrictions and floor space ratios, coupled with vastly improved building techniques, will allow more homes to be built in the same footprint or on sites where higher, larger blocks would today be allowed in what’s now being seen as a redevelopment bonanza for apartment-dwellers.
The preliminary results from Domain show auction clearance momentum continued today. Clearances nationally hit 77% on a higher listing than last week. This time, last year on slightly higher listings the score was 61.7%. Sydney achieved 80.4%, the highest win rate, but Melbourne listed 1,106 properties, the highest nationally. The news from the US did not scare the horses!
Brisbane cleared 59% of 159 scheduled auctions, Adelaide 69% of 83 listed and Canberra 70% of 72 scheduled auctions.
