(Australian Associated Press)
The pre-Easter ‘Super Saturday’ weekend have seen the highest number of auctions ever recorded over seven days across Australia as home values continue to moderate.
In the week to March 25, 3,967 homes went to auction, up from the 3,098 auctions in the prior seven days and well up on the 1,764 auctions of the week beginning March 12.
Melbourne, where home prices fell 0.2 per cent for the week, had the lion’s share of homes going to auction, contributing more than 2,000, both a new record for the city and close to a 25 per cent rise on the same week last year.
Corelogic’s preliminary clearance rate at 65.5 per cent, was slightly lower amid the burst of activity and 10 per cent lower than the same time last year.
In regional Australia, Geelong had the highest clearance rate with 82.5 per cent of 72 homes changing hands, while the worst rate was on the Gold Coast where 45.5 per cent of 85 auctions found a buyer.
The combined value across the capital cities fell 0.1 per cent, with a 0.2 per cent lift in Perth, offsetting the 0.2 per cent drop in Melbourne.
For the first time in 2018, Sydney prices did not retreat for the week, remaining steady.
However, over the past year, Sydney property prices have dropped 2.1 per cent.
During the same period home values in Melbourne have risen 5.4 per cent.
Prices in Perth remain subdued, down 2.5 per cent, while Brisbane and Adelaide have seen prices drop 1.5 per cent and 1.8 per cent, respectively over a 12 month period.
CommSec senior economist Ryan Felsman said that property values are continuing to moderate, especially in Sydney.
But while home prices have gone off the boil in Australia’s biggest market, the volume of detached house sales in NSW have risen in five of the past six months.
Detached home sales in NSW are up 11.7 per cent, the Housing Industry Association’s latest New Home Sales Report.
In Queensland those sales are down 16.3 per cent.
Mr Felsman said council approvals remain supportive, but dwelling commencements nationally are on the decline.
CAPITAL CITY PRIVATE TREATY MEDIAN PRICES
Sydney – $935,000
Melbourne – $761,000
Canberra – $650,000
Brisbane – $520,000
Perth – $495,000
Adelaide – $460,000
Darwin – $480,000
Hobart – $467,000
Combined capitals – $706,926
Sydney – $735,000
Melbourne – $550,000
Canberra – $428,500
Perth – $385,500
Brisbane – $370,000
Hobart – $347,500
Adelaide – $325,000
Darwin – $350,000
Combined capitals – $584,963
Source: CoreLogic Property Market Indicator Summary week ending March 18, 2018.