The Brisbane and Gold Coast region is a classic two-speed market.
A number of inner Brisbane suburbs have recorded robust capital growth of late, particularly those well-located properties with a high land value content.
However, the Greater Brisbane market is clearly somewhat patchy to say the least.
Generic units are not faring so well with rental growth stagnating in many locations, and there appears to be comparatively speaking very little upwards pressure on many of the suburbs in the outer.
The number of homes taken to auction this week fell slightly to 2,385, compared with 2,540 over the previous week. However, the preliminary clearance rate of 78.2 per cent has remained steady, down only slightly from 78.6 per cent last week. The overall strength across the combined capital city market is showing no sign of slowing down, with 13 of the 15 weeks in which auction results have been reported on so far this year seeing the clearance rate at, or above, 74 per cent. Over the corresponding week last year, the clearance rate was 65 per cent and 1,535 auctions were held.
In Melbourne, 77.5 per cent of the 938 reported auctions sold this week. There were 1,064 auctions held across the city this week, down from 1,139 last week when the final auction clearance rate was 81.7 per cent and higher than the 710 auctions held one year ago, with a notably lower clearance rate (61.9 per cent). The Inner region of Melbourne had the highest number of auctions this week (231), with a clearance rate of 71.1 per cent. Meanwhile, the strongest clearance rate was recorded across the South East and Outer East region, where preliminary results show 9 in every 10 homes taken to auction sold.
Across Sydney, 924 homes were taken to auction this week with a preliminary clearance rate of 88.7 per cent across 726 reported results. The latest results show that Sydney’s record strong conditions are continuing. Last week, the final clearance rate for the city was 87.3 per cent, which prior to being overtaken this week, had been the cities second strongest result on record across 914 auctions. One year ago, 618 Sydney homes were taken to auction with a clearance rate of 73.3 per cent. This week, the performance across Sydney’s individual sub regions was varied. Across the Central Coast, where 21 results have been reported so far, the clearance rate was 51.1 per cent, while across Blacktown (96.0 per cent), Ryde (93.6 per cent) and North Sydney and Hornsby (92.9 per cent) the success rate of auctions was much higher.
There were 176 Brisbane auctions this week with a preliminary clearance rate of 55.5 per cent, having increased from 47.3 per cent last week across 192 auctions and higher than one year ago when there were 89 auctions with a success rate of 46.7 per cent. The Gold Coast’s preliminary clearance rate was 41.8 per cent across 55 results this week.
A total of 92 Adelaide homes were auctioned this week and the preliminary auction clearance rate of 63.9 per cent is just higher than the 62.8 per cent from the previous week across 167 auctions. One year ago, although Adelaide’s clearance rate was comparable at 62.3 per cent, there were far fewer auctions (57).
In Perth, 42 auctions took place this week, with 19 results reported so far. Perth’s preliminary clearance rate of 26.3 per cent across these 19 results is similar to both last week’s result (29.4 per cent) and the clearance rate from one year ago (25.0 per cent).
Canberra’s preliminary auction clearance rate of 63.0 per cent this week is lower than last week, when the final auction clearance rate was 83.0 per cent and higher than the 57.1 per cent recorded last year. So far this year, Canberra’s auction clearance rate has been substantially stronger when compared to previous years.
Tasmania saw 11 auctions take place this week, 7 results have been reported so far, with 3 sales.
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